The Research Institute of Information Technology (RIIT) is joining forces with Chinese firm Sheng Ying Xin Management Consulting to build a research center oriented towards blockchain innovations.
The RIIT is a wing of Tsinghua University, one of the major research institutes in the nation, while Sheng Ying Xin Management Consulting is a subsidiary of China Internet Nationwide Financial Services (CIFS), one of the largest financial corporations. The two entities will collaborate in blockchain-based research and hope to raise new innovations surrounding this technology, as well as templates for business-level applications that could be implemented in the industry.
The applications will aim to tackle hurdles Chinese firms currently encounter in the business space. Imbibing this emerging technology into Chinese enterprises, the two firms believe, will augment transparency in the supply chains and make for stronger logistics.
CIFS CEO Jianxin Lin guaranteed that the ongoing partnership will be an essential advancement for the organization regarding its business methodology. He believes it would also allow them to reorient their focus away from traditional financial services towards Fintech. Lin concluded that Fintech will be the primary force for development in this period.
Canister Yang, Vice President of THU, commented that blockchain applications in different fields have turned into an essential national strategy for all nations. He expressed his belief that the digital ledger innovation will quicken China’s monetary changes and redesign industry principles.
As reported by Cointelegraph, he also believes that the digital transformation has only begun, and that its positive impacts are just about to unfold.
About Tsinghua University
Established in 1911, Tsinghua University is one of the largest research-oriented institutions in Beijing, China. It holds a position in the C9 League of Chinese colleges. In May 2018, the institution built the Youth Education Chain League and propelled China’s first blockchain creative trial.
In 2016, Tsinghua University also took part in a blockchain-controlled food supply venture, uniting with tech major IBM, U.S. retail goliath Walmart, and the Chinese Blockchain Food Safety Alliance. The resulting blockchain system was meant to eliminate risk-riddled food products from their list.[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. ]