At the summit, the city formed a partnership with the China Electronics Standardization Institute. The two will join hands in compiling the regional standards on joint development between blockchain and IoT industries, the first of its kind in China

The move is set to infuse new vitality to the blockchain industry in Wuxi and Jiangsu on a whole, further widening and accelerating its tech applications in multiple fields such as IoT and beyond.

China has been at the forefront of digitalization in recent years and the many interdisciplinary fusions and innovations have spawned a raft of new opportunities, said Sun Wenlong, vice director of the China Electronics Standardization Institute.

He noted that the integration of blockchain technologies will enable IoT to better fit into other fields and boost data exchange security.

Sun Wenlong, vice director of the China Electronics Standardization Institute, delivers a keynote speech at the forum. [Photo by Xiang Wenjian/chinadaily.com.cn]

Canada-China IoT and Blockchain Research Institute launched its first blockchain technical product, CityChain, at the forum, which is designed to advance credible data exchanges for smart city construction, which Wuxi primarily is focusing on.

The institute is a Toronto-headquartered non-profit organization dedicated to promoting the application of blockchain technology in IoT. It set up its first branch in Wuxi in August.

It has also teamed up with the iGenius Business School to develop all the courses for a blockchain training program that is authorized by the Chinese Ministry of Industry and Information Technology.

According to a report from global consultancy International Data Corp, worldwide blockchain spending is expected to hit $1.5 billion in 2018, double the figure in 2017, and it is projected to reach $11.7 billion by 2022.