Chinese Government Institute Launches First Blockchain-based Registry Platform
China Banknote Blockchain Technology Research Institute, a Chinese government-led research body has launched a blockchain-as-a-service (BaaS) platform for identity and supply-chain tracking.
On 26th of March, the research institute officially launched the Blockchain Registry Open Platform (BROP) at a financial technology summit in Hangzhou on Monday, according to Securities Times.
While China’s internet giants Tencent, Baidu and JD.com have already launched their own BaaS platforms, the project is notable for its official affiliations.
According to its website, the research institute operates as a fully state-owned subsidiary of the China Banknote Printing and Mining Corporation under the oversight of the People’s Bank of China (PBoC), the country’s central banking authority.
The new BaaS platform is aimed to serve two main purposes: storing static data and recording changes to that data.
According the project’s white paper, possible application scenarios include government agencies sharing users’ information over a blockchain to streamline authentication workflow for public services. Other possible use cases could include storing verified information to prevent fraud in the food supply chain and the forensic science field.
This new platform is consistent with the Chinese government’s efforts to fasten technological development in the country to preserve its global competitive advantage.