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China to establish blockchain research institute

China is going big on blockchain technology.

The Ministry of Industry, under the China Electronic Information Industry Development Research Institute, in collaboration with Beijing Tiande Technology, has initiated the process to establish a blockchain research institute in Qingdao.

According to an online post on the Chinese government website, the research institute is being established to accelerate the pace of technological research.

Blockchain laboratory director Cai Weide believes that China’s blockchain industry has the potential to walk in the forefront of the world. According to a translation provided on Reddit, Weide has outlined a three-step policy approach for China to become a global leader in blockchain technology:

  • Firstly, the creation of Chinese blockchain industrial sandbox with industry associations under the guidance of the enterprise self-test and assessment work; Umbrella sandbox that works closely with the government regulatory support; and Regulatory sandbox developed by the industry to a certain extent, up till the point where the regulatory model is matured. Industrial sandbox will come first, and will work alongside regulatory authorities, to build and promote umbrella and regulatory sandbox.
  • Secondly, the Qingdao blockchain research center will promote China’s blockchain sandbox program, though collaboration between the government, financial institutions, universities and research institutes, industry funds and technology companies.
  • And lastly, building an open sourced platform for blockchain testing and monitoring within the sandbox framework. The platform has built the first platform prototype to support blockchain automation in China, support applications such as financial regulation, food and medicine tracking, product logistics tracking, payments clearing and settlement, etc.

The announcement follows reports that suggested that China’s Ministry of Industry and Information Technology was collaborating with industry giants including Alibaba Group and ZTE to create a blockchain framework for Internet of Things (IoT). In addition, the Chinese government last year released a white paper focused on blockchain technology in order to actively guide the development of the technology and its application in the country.

The People’s Bank of China has also established a digital currency research institute. Reports suggest that the institute is located on the 9th floor of Building C, Desheng International Center – an office build complex near Beijing's financial district.

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