China’s Hainan province became the first to host licensed “pilot” blockchain zone of the country when it was launched a few days ago in Hainan Resort Software Community (RSC). The zone established in joint collaboration between RSC and the University College Oxford Blockchain Research Center at Oxford University will also have a blockchain research institution in its premises.

Apart from that, RSC is also planning to launch a blockchain institutional innovation center in collaboration with Beijing-based Renmin University. According to the Head of the provincial department of industry and information technology of Hainan Wang Jing, “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,”

Jing stated that the pilot zone will contribute to the rise in cooperation between the top research institutes in the world and key players within the blockchain field. The technology based on distributed ledger technology (DLT) uses sophisticated cryptographic techniques for creating unchangeable, permanent, and transparent record for tracing transactions.

As per the Ministry of Industry and Information Technology, China at present is using blockchain technology in a wide range of applications including credit reporting, finance, supply chain management, smart manufacturing and more, Xinhuanetreported.

Even though China is supporting the growth of blockchain industry in its country, it is pretty much against promoting cryptocurrency exchanges and virtual currency transactions. Chinese authorities continue to slam the usage of cryptocurrencies in the country but on the other hand seems to be committed to supporting blockchain both in the private and public sector, Cointelegraphreported.

Last month, the e-commerce giant from China JD.com opened a blockchain and artificial intelligence (AI) based institution to foster smart cities. Similarly, in September this year, the Industrial and Commercial Bank of China (ICBC) Chairman stated that it will maintain its focus on the development of blockchain technology.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

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