PBOC-Backed Blockchain Platform Goes Live

Hangzhou Blockchain Research Institute, which is run by the People’s Bank of China (PBOC), has launched a blockchain-powered platform that aims to streamline bureaucratic processes for local and foreign entities. The establishment, also referred to as Zhongchao Blockchain Research Institute, announced its Blockchain Registry Open Platform (BROP) at the Global Financial Science and Technology Summit held yesterday in Hangzhou.

The Hangzhou Blockchain Research Institute is part of Zhongchao Credit Card Industry Development. The latter is a branch of the China Banknote Printing and Minting Corporation (CBPMC), which is in turn part of the central bank. Zhongchao Credit Card Industry Development, led by Fan Guifu, is a member of the Linux Foundation. Guifu commented:

“We started the layout of blockchain technology in early 2015 and set up the Zhongchao Blockchain Research Institute last year. Our key focus is the development of blockchain and other emerging financial technologies.”

So far, the Zhongchao Blockchain Technology Research Institute and two other PBOC subsidiaries are the most active entities in the world in terms of blockchain patent applications. According to IPRdaily, which created the 2017 Global Blockchain Enterprise Patent Ranking, the PBOC has filed for 68 blockchain-related patents through its three branches. Interestingly, 49% of the patent applications come from China and only 23% from the US.