Jinan, East China's Shandong province recently issued an action plan for the city's blockchain industry.

The plan announced that major breakthroughs will be made in research on the core technology of blockchain industry in Jinan by 2022.

As for the industrial scale, the core business revenue of blockchain will exceed 1 billion yuan ($15.2 million) by 2022, bringing the industry-related revenue to more than 10 billion yuan.

At the same time, the city will cultivate more than 50 blockchain-related enterprises and over two well-known domestic enterprises in the industry.

Jinan enjoys a strong industrial foundation and robust digital economy which provides great advantages to develop lockchain industry.

In recent years, the city has made great efforts to digital and intelligent upgrading and transformation of industries. Its software and information service industry are in rapid development.

Jinan also is home to a number of national platform carriers such as the National Information and Communication International Innovation Park and the National Integrated Circuit Design Industrialization Base.

In addition, the city pays much attention to stressing the safety supervision of blockchain technology.

Local government will strengthen the supervision over the use of blockchain in financial activities, ensure practical applications of blockchain technology and prevent virtual operations.