Launched in September 2016, the Jiangsu Huaxin Blockchain Research Institute (JBI), is being made public as the first state-owned enterprise to focus exclusively on blockchain technology. Already, the group, backed by the parent company Beijing Huaxin Electronics Enterprise Group, claims to have approximately 100 employees in its Nanjing office working to develop its product.

It should be noted that the government of China’s Jiangsu region is supporting a new research effort aimed at providing unbiased information to companies that are approaching blockchain speed as the latest technology.

According to Michael Yeung, chief operating officer, five of his colleagues discussed how international companies aggressively target the Chinese market, and how this has created a new appetite for information services in the country. Yeung also commented that, unlike established consortium groups, JBI tries not to be “obliged” to corporations, and that its governmental affiliation makes it capable of focusing on the overall health of the ecosystem.

According to the above, the JBI will try to offer services that work in academic research, education, political commitment and product development focused on blockchain technology.

The group’s launch comes later in the middle of an active time for the block chain in China. In addition to the new policies imposed on the bitcoin exchanges, the country has seen the launch of new block efforts of its insurance industry and domestic loans, as well as leading technology companies such as e-commerce giant Alibaba.

In addition, JBI is seeking to differentiate itself from the approaches taken by established startups and the efforts of the consortium.

According to Yeung, JBI is being designed as a facilitator, trying to be more “integral” than groups like R3. Of course, this mandate will still require partnerships and networks. JBI is a member of Enterprise Ethereum Alliance and Hyperledger, and has working partnerships with Bitfury, Bloq, Blockstream, ConsenSys, Rootstock and many others.

One of the pillars of this development is that JBI is the only one in the model that will try to train and accredit block professionals to provide transparency in the market.
Likewise those individuals, Yeung suggested, could then sell partner technologies or otherwise participate in various JBI activities.

On the other hand, JBI seeks to examine the cases of block block use that they claim are underdeveloped.
It is essential to emphasize that, JBI wants to work in cases of financial and non-financial use, evaluating and working with private block chains as well as with permits.

However, it offers a leap to the forefront of technology with the primary goal of positioning China as a leader in block-block technology


Warning: CryptoSolutions is not responsible for the opinions expressed in this article. The ideas and opinions expressed in this article do not represent a business opportunity of any kind and the reader should be properly advised before making a financial or legal decision.


You may also like