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China Creates Headlines by Introducing Its First Blockchain Pilot Zone

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Blockchain Pilot Zone

China, with the aim to attract great talent and explore Blockchain application, has introduced its first Blockchain pilot zone at Hainan on Monday, Oct 8.

Hainan becomes the country’s first state province to officially launch a licensed Blockchain pilot zone that has the ability to attract global talents considering the further tech usage, reports Xinhua, China’s official state-run press agency.

The site is established at the Hainan resort software community (RSC), which has launched a blockchain research institute in cooperation with Oxford University’s blockchain research centre.  While, China’s Remin University is also looking to collaborate with RSC to launch, Blockchain innovation centres.

According to Wang Jing, head of Hainan’s provisional department of industry and information told Xinhua, “the Blockchain pilot zone will commit to attracting Blockchain talent from all around the world and exploring the application of Blockchain in areas such as cross-border trade, inclusive finance and credit rating”.

Wang Jing further added that the pilot zone will also deepen “the collaboration with the top research institution across the globe and major players of the Blockchain industry”.

This step by China shows strong commitment of the country towards Blockchain technology, even after major cryptocurrency exchange failure this year. According to the ministry of industry and information technology of China, the technology foresees a great potential ahead with wide application in the finance sector, credit reporting and monitoring, manufacturing, supply chain management and various significant Chinese industries as well as government sectors.

Furthermore JD.com, a prominent Chinese e-commerce giant is to establish his own institute fostering smart cities, complementing artificial intelligence with the decentralized ledger, Blockchain technology and the chairman of the ICBC (Industrial and Commercial Bank of China) indicated that bank will also target on Blockchain technology development.

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