Wednesday, 12 August 2020

First blockchain trial zone launched in south China

China has established its first blockchain trial zone in the southern province of Hainan.

Based within the Hainan Resort Software Community (RSC), the zone includes a blockchain research institute, which officially opened on Monday and was jointly established by the RSC and the University College Oxford Blockchain Research Centre at Oxford University.

A blockchain institutional innovation centre will also be launched by the RSC in collaboration with Renmin University.

Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges in order to trace transactions.

"The pilot zone will commit to attracting blockchain talent around the world and exploring the application of blockchain in areas such as cross-border trade, inclusive finance and credit rating," said Wang Jing, head of Hainan's provincial department of industry and information technology.

She said the pilot zone would deepen cooperation with both top research institutions across the globe and key players in the blockchain industry.

The technology now has a wide range of applications in China and is used in the fields of finance, credit reporting, smart manufacturing and supply-chain management, according to China's Ministry of Industry and Information Technology.

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