Blockchain/Bitcoin

China’s Academia to Form New Blockchain Research Center with the Industry

A new blockchain research center will be formed to develop a series of entreprise level blockchain applications. According to the parties involved, these solutions will be developed to address the challenges and needs that corporations are facing in China today.

The center is formed as a result of a collaboration between China’s academia and industry, namely China Internet Nationwide Financial Services Inc and Tsinghua University.

The new research center will pursue new R&D projects focused on developing new technologies that will safeguard the long-term viability of the blockchain ecosystem.

Additionally, it also aims to create common architectural systems able to support blockchain applications for use in multiple industries.

Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS noted how expanded blockchain technology applications would help to standardise business trust, and change the way people interacted with society:

“Using underlying technologies and algorithms, our teams will research and build blockchain applications for different business segments such as supply chain, agricultural products, medical/pharmaceutical, logistics and so on. Implementation of blockchain solutions provides companies across industries with multiple benefits including a high degree of trust for business transactions. Additionally, blockchain has the potential to significantly improve our life as citizens, and change the way we work and interact in our society.”

He further noted how the new partnership would help transition CIFS’ business model from a traditional model to a technology-led one:

“The establishment of the Research Center is another important step forward and part of our new business strategy to transform CIFS’ business from a traditional financial advisory service provider to a financial technology (fintech) company. Fintech will be the main driver of the next phase of our growth.”

Mr. Bin Yang, Vice President of Tsinghua University, meanwhile observed that the fruits of the new blockchain research would also inform China’s economic transition on a macro level:

Bin Yang

“The development of industry-trusted blockchain application technologies has become a vital national strategy for all countries. It is an important goal for us to deeply build digital ecosystems, which once integrated into our economy should speed up China’s economic transition by upgrading the industry standard. The digital transformation has only just begun and the development of industry trusted blockchain applications is expected to have a number of positive impacts for the society.”