BTC Wires: Last week it was announced that China Internet Nationwide Financial Services (CIFS) is on its way to establish a new research center in collaboration with the Tsinghua University. This research center will work on exploring topics related to enterprise blockchain and it can potentially lead to momentous breakthroughs in the field. CIFS itself is listed on the NASDAQ and its partner is a rather well-known and reputable university in China. Being one of the elite educational institutes in the country, it had also been a part of the quite talked about blockchain food provenance test by Walmart and IBM. Besides, it is also the alma mater of the current President of the country, Xi Jinping, an alumnus from the batch of 1979.
It is expected that the research center will work on developing solutions in order to specifically meet the needs of Chinese firms and enterprises. The research will explore issues in a varied mix of sectors such as pharmaceutical, medical, energy, agricultural banking etc. The agreement was finalized by RIIT and Sheng Ying Xin Management Consulting Co. Ltd, a firm working on a contractual basis under the CFIS. This joint research programme will focus on developing basic blockchain tech alongside models for creating apps on an enterprise level for several industries.
In the announcement, they used the examples of traceability and transparency in supply chain management. This involves the ability to track the different steps of the process such as production, assembling, distribution and storage. The supplier products are traced in such a way that it ensures problems of food safety as well as make sure that agricultural and livestock products are priced appropriately.
The VP of the Tsinghua University stated that it was a matter of great responsibility to try and bring together the digital and the real economies of the country. He was convinced that this would be able to boost economic growth and progress of China even further. He also remarked that the research center will be able to spearhead an intellectual revolution of sorts that would ultimately develop the society and allow for greater international interaction or involvement.