The official voice of the Chinese Communist Party, The People’s Daily, reported that on August 28th, the Chinese Academy of Sciences (CAS) announced the creation of a new Blockchain Lab initiative. The announcement came during the award ceremony for the country’s International Blockchain Competition, and it signals a continued push by Chinese officials into the blockchain sector.
According to the report, the program focuses on the integration of big data, advanced mathematics, and blockchain technology. China has become more active in the creation of these mathematical formulas after realizing that they are a vital component in the blockchain space. China seeks to create more blockchains for government and commercial sector use.
During the award ceremony, the deputy director of mathematics for CAS discussed how mathematical methods are a core science behind the development of future blockchain technologies. He also spoke on the primary goals of the project, which aims to simultaneously provide support for private, public, and consortium blockchains. China acknowledges the importance of these networks and seeks to remain competitive within the space.
The blockchain lab is made possible through a joint venture with blockchain startup Tai Cloud Corp. Tai Cloud is a Beijing-based firm. Additionally, the Tai Cloud Corporation now represents one of China’s largest blockchain-based firms. The company currently holds over 150 blockchain-related patents, and they operate with the blessing of the Chinese government.