China’s Tsinghua University to Develop Blockchain Research Center with CIFS
Tsinghua University’s Research Institute Partners with China’s Institutional Financial Firm to Develop a Blockchain Research Center
Tsinghua University’s (THU) Research Institute of Information Technology (RIIT) is now working with a subsidiary of China’s institutional firm to build a blockchain research center. This is according to a press release date August 1, 2018.
An agreement was signed between RIIT and Sheng Ying Xin Management Consulting Co., Ltd which is a company working under a contract and managed by China Internet Nationwide Financial Services (CIFS). The two institutions plan to carry out a joint research program that will lead to the development of basic blockchain technologies as well as models to develop enterprise-level apps for a variety of industries.
The applications developed on the blockchain technology, will help address a range of challenges that are currently facing most companies in China. This technology is looking forward to increase transparency and traceability in supply chains, pharmaceutical industry, logistics and in agricultural products as well as other industries. Incorporating Chinese industries into blockchain will open up their systems and be more transparent.
According to Jianxin Lin, the chairman and CEO of CIFS, the partnership in this project is a vital step for his company considering that it will positively enhance the company’s business strategy. The project provides an opportunity to move from a traditional financial services company to concentrate more on fintech (Financial Technologies). He further asserted that fintech is the future and the main driver of growth for the company.
The Vice President of THU, Bin Yang has also identified the significance of the blockchain technology in upgrading industry standards. He said that the blockchain applications are now “vital national strategy for all countries.”. He says that this technology would greatly accelerate China’s economic transition by bringing about accountability and transparency.
Tsinghua University was established in 1911. It is among the major research universities in Beijing, China. It is also one of the members of the elite C9 League of Chinese Universities. The university has been involved in various blockchain innovative programs including the first innovative blockchain experiment in China, which it launched in May, 2018. It is also in the same month that it established the Youth Education Chain League.
Prior to these important developments, the university had partnered with Walmart, the United States retain giant in a blockchain-powered food supply project, in which Walmart wanted to identify and remove recalled foods from their supply chain. They also worked with IBM as well as the Chinese Blockchain Food Safety Alliance.