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 BROP is an open blockchain protocol that facilitates the development of intellectual property rights, the white paper says. It can be used for identity storage and management and supply chain operations. The platform will store enterprise records of user IDs, certificate data, and credentials, among others. One of the multiple use cases targets government agencies, which can use the platform to share user data to speed up and secure authentication procedures for public services. It is worth noting that the product is presented as a blockchain-as-a-service (BaaS) platform.
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.
This article appeared first on Cryptovest