Authorities in China are staying closer to blockchain technology

Two local governments, Shanghai municipal and Hunan provincial offices, have both announced their cooperation with Beijing based blockchain startup Conflux, in attempts to better integrate government information with the company’s architecture for future data sharing between administrative agencies. Beijing has also revealed its similar plan earlier in July. As the encrypted currency is taboo and associated transactions have been banned in China, Conflux denied that it would raise money through ICOs (initial coin offerings). According to the founder, collaborations with authorities will be a demonstration to the wider society that such technology is useful and beyond financial speculation.