- China has opened its first blockchain pilot zone in Hainan.
- The zone is based in the Hainan Resort Software.
- It is a joint project between the RSC and Oxford University.
On Monday, the 8th of October 2018, the South China Province of Hainan saw the commission of the country’s first blockchain pilot zone.
The zone is based in the Hainan Resort Software Community (RSC) and features a blockchain research institute. The project is created as a joint venture between the RSC and University College Oxford Blockchain Research Centre at Oxford University.
This isn’t the only example of such a project to be launched by RSC in recent times. Another blockchain institute will be opening soon as a collaboration between the RSC in collaboration with Renmin University.
“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.
Collaboration Across the Globe
According to Jing, one of the purposes behind the institute is to foster collaborative research between blockchain research institutes across the globe, several of which have opened in recent times, and top players in the blockchain industry.
It comes as no surprise that China would open such an institute as Asia has been one of the biggest adopters of blockchain technology.
In China, people continue to trade in cryptocurrency in a P2P manner, despite a strict ban on it by the government.
In China, blockchain technology is also being used for supply chain management, manufacturing and so on.
More to Come?
The creation of this pilot zone could help set a precedent for other countries to do the same, which in turn would encourage even more blockchain investment and research.
With the potential applications of the technology growing every day, there is certainly the need for more testing and research.
This research isn’t limited to governments either as a number of private firms are creating their own blockchain research centers to look into its application within their industries.
Should these centers and pilot zones become successful, the benefits of their research will, of course, trickle down to the general public who will benefit from more secure communication, better record-keeping in the public sector and other benefits of blockchain development.