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Policy
Hainan establishes China’s first blockchain trial zone
CKN
2018/10/12 08:52:55
1,792

Oct 12, 2018 (China Knowledge) - The Hainan Free Trade Zone (Port) Blockchain Trial Zone was officially established in Hainan Ecological Software Park by the Hainan Provincial Industry and Information Technology Department earlier this week.

The provincial government hopes that this will help encourage innovation and promote the application of blockchain technology in China. The zone will also include a blockchain research institute that is mutually established by the Hainan Resort Software Community (RSC) and the University College Oxford Blockchain Research centre at Oxford University.

Besides the research institution, a blockchain institutional innovation centre will also be launched by the RSC in a joint collaboration with Renmin University.

Through its collaboration with Oxford University, the officials aim to gather global talent in the blockchain technology industry, hence, enhancing research collaboration and development, with a series of intellectual property rights acquired.

Besides that, the research institution will also explore blockchain in areas such as cross-border trade, cross-border payment which includes credit evaluation, to drive industry development in China.

The officials hope that the area of cooperation can be expanded in the future. Currently, cooperation between China and other top-level research institutions lie mainly in areas such as e-government, real estate registration, supply chain, healthcare and banking.

Hainan has been promoting its policies actively to attract people into the Hainan Blockchain Zone. Efforts have since paid off with a large number of blockchain technology-related enterprises being established there. Earlier in April, the Hainan Provincial Government, has signed a framework agreement with Alibaba Group’s <BABA:NYSE> Ant Financial in Haikou to further develop a comprehensive strategic cooperation, to be carried out within the digital economy.

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