China’s PBoC Institute Launches First Blockchain-based Registry Platform
China Banknote Blockchain Technology Research Institute, a research institute under the People’s Bank of China (PBoC), has launched a blockchain-as-a-service (BaaS) platform for registry. It is the first BaaS platform issued by China’s central bank, which shows a positive attitude from Chinese government in promoting the development of this emerging Fintech.
On 26th of March, the research institute presented its Blockchain Registry Open Platform (BROP) at the Global Financial Science and Technology Summit in Hangzhou, according to Securities Times.
The new BROP platform is aimed to store statistics of digital identity, credit data and digital credentials to provide verifiable and supervised ownership registries by using blockchain technology. All the information on this platform has the characters of verifiable, traceable, auditable and cannot be tramper with.
It could be used by both domestic and foreign enterprises, all the information flows to promote mutual trust and collaboration among all parties involved. Blockchain technology could lower the cost of trust and makes it easier for cooperation across institutions. It also provides a more effective environment for their users with lower costs.
The China Banknote Blockchain Technology Research Institute is a subsidiary of the China Banknote Printing and Mining Corporation under China’s central bank. It is a leading state-owned institution in China in blockchain area with 22 blockchain patents and ranked 18th in the 2017 Global Blockchain Enterprise Patent Rankings.
Zhang Yifeng, the president of the China Banknote Blockchain Technology Research Institute demonstrated that: “ The Blockchain Registry Open Platform could be used in many application scenarios, includes governmental regulatory departments, judicial appraisal centers, social organizations, enterprises and institutions.”
He emphasized that blockchain technology can be used to improve the judicial efficiency in the administration of bankruptcy. Creditors can participate online and upload their voting opinions and the whole processes securely on the BROP by using the core elements such as reliable time stamps, digital identities, and voting mechanisms.
In addition, PBOC and other Chinese government sectors has put much effort in blockchain and other Fintch in order to give the economic a big boost and bring more effective to the government mechanism. The new technology also can be used as a wonderful tool to fight government bureaucracy.