Beijing Blockchain Lab Wins Backing of Sector Partners

A new blockchain research lab in Beijing has won the support of partners across industry, in what could be a significant step for the development of blockchain technology in China.

The research lab, to be based at Zhongguancun Science and Technology Park, will focus on developing blockchain technologies and applications, with a view to supporting local industry and blockchain startups in creating the next generation of distributed ledger solutions.

The lab will be pioneered by the Beijing Equity Exchange, working in partnership with other organizations including ZRC Capital, Zhongguancun Crowdfunding Consortium and the Beijing Equity Registration Office.

While the lab’s primary function will be to keep abreast of the latest developments and innovations in the blockchain sector, their secondary role will involve encouraging more startups and businesses in China to investigate the potential in blockchain technology.

Tianyi Ma, from the Beijing Equity Exchange, said that the project will help advance the cause of blockchain development, as well as foster a range of use cases, such as the registration of ownership in securities.

"The ownership registration process is not going well in regional exchanges. In many exchanges, the ownership registration process became their main source of revenue. Many early-stage companies have frequent equity holder changes, some of them even have irregularities in information disclosure."

The project represents the latest high-profile consortium in the blockchain space, which has so far been dominated by the collaborative efforts of individual organisations with the potential to benefit from a blockchain future.

It also represents the latest steps towards making China an attractive destination for blockchain developers and startups, as well as fostering a greater understanding of the technology and its application in financial services and industries more broadly.

It follows on from two other consortiums set up in China in the last year, in Shenzhen and Shanghai respectively, modelled on the success of consortiums elsewhere like Hyperledger, BCC and R3.

The move comes at a time where blockchain development and innovation has been growing at an ever-increasing pace, with pilot projects and proof-of-concept models moving to real-world deployments for the first time.