Blockchain Pilot Zone Established In China’s Hainan Province

Blockchain, News | October 9, 2018 By:

China has established a blockchain pilot zone in Hainan, the smallest and southernmost province of the country.

The blockchain pilot zone was officially approved by the Hainan Provincial Bureau of Industry and Information Technology on September 30, and was announced yesterday by Wang Jing, head of the bureau. The zone intends to support revolutionary blockchain innovations and the cultivation of a multi-billion industry.

The zone will include a blockchain laboratory, which will be established by the University College Oxford Blockchain Research Center and the Hainan Resort Software Community (RSC). The two parties will work together to provide an ecosystem for blockchain industry to flourish and build the bridge to facilitate communication between business entities and government so that blockchain can be moved to the mainstream sustainably.

“Blockchain and distributed trusted platforms can provide cheaper services with more efficiency,” Dr. Bangdao Chen, the co-founder of the research center. “It is possible to use blockchain and its related technologies to create a securer, fairer and more transparent society that transcends national boundaries while respecting local laws and regulations. We are delighted to collaborate with Hainan RSC to realize the value in which blockchain can bring to the table.”

The Hainan RSC has also established cooperation with China’s first-class technology and regulatory institutions, including Tsinghua University’s Finance Technology Research Institute, Tsinghua PBCSF, Renmin University of China Law School, Digital Currency Research Institute of People’s Bank of China, and the Institute of Computing Technology of Chinese Academy of Sciences. RSC said that it will be collaborating with Renmin University of China to launch a blockchain institutional innovation center.

“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. “The zone would deepen cooperation with top research institutions across the globe and key players in the blockchain industry.”

More than 3000 Internet companies are situated at Hainan RSC, including Tencent and Huawei. It is also home to Baidu Blockchain, 360 Blockchain, Thunder Blockchain, Huobi China’s Headquarter and so forth. Crypto exchange Huobi recently announced that it is planning to move its headquarters from Beijing to Hainan.