China’s Lixin University of Accounting and Finance to Partner with The Law Chain
Shanghai Lixin University of Accounting and Finance, a professional college that is famous for its focus on education of financial area and strategic location of Shanghai has, with low profile, announced on its official website that it will collaborate with China’s blockchain technology company to build a research center of blockchain application. The center will explore the possibility of applying blockchain technology into finance and law and thus nurturing more competitive graduates. The company involved are Fudada (literally means law is fundamental), China’s leading digital contract and signing service platform, and Onchain, China’s pioneer in exploring blockchain technology application. The news matters in that it’s the first time for China’s university to express ambition to apply blockchain to its education. Moreover, the fact that Fadada and Onchain partnered with Microsoft(China) who provides Azure for cloud computing, have set a company named after its homonymous product, Law Chain, a consortium chain aiming at digital evidence record and storage only make the partnership more extraordinary.
When interviewed, professor Chen Wenjun, the founder and CEO of Law Chain said:
“We will provide the open-source blockchain technology to Lixin . The collaboration will has integrated resources of both university and company. I believe the law-chain-oriented pattern will result in more scenarios where block chain can be applied. This will be a breakthrough as new mode of deep collaboration between university and enterprise.”
When 8btc has conducted an in-depth analysis of the parties involved, it becomes more evident that the collaboration is anything but hyperbole. Lixin is the birthplace of modern educational institute of accounting for China and has been continuously injecting talents into China’s banking, accounting and auditing industries. Its bold move this time shows that Lixin has been at the forefront of blockchain trend as an educational institute. Lixin’s professionalism will lay a solid foundation for its students to become versatile.
On the other hand, Fadada as a digital contract and signing service platform now has more than 5m private users and 27 thousand corporate users with over 100 thousand contracts being signed on its platform. Its practical resources will give first-hand experience for the professors and students of Lixin to solve the problems like how to prevent financial date being mutated and how to streamline bookkeeping procedures. Onchain, whose brainchild Antshare has become the benchmark protocol of China’s blockchain community as China’s first original open-source project to be accepted by western world, will become the key technology provider of the research center to be built. Its extraordinary capability in blockchain is the cardiac stimulant for the center to reap fruits. Eventually, when the students graduates will help build Fa Dada, Onchain and other company, thus a virtuous circle.
8btc is not surprising when Lixin, a university focusing on accounting and auditing stands out to build partnership with blockchain community. PWC, one of the big 4 accounting firm, has specially set up blockchain line to provide blockchain solutions after it said “it has seen enormous potential for blockchain in financial services”. In a recent report published by Deloitte, another big 4, states that “in all likelihood, blockchain innovations could be the most transformative, and we will likely see a number of real-life applications of blockchain applied to payments, beyond digital currencies, in the next five years.”
Lixin’ partnership with Fadada and Onchain represents the same expectation on blockchain from China’s accounting/auditing areas as those of big 4.
Starting from education, Lixin, Fadada and Onchain seem to have made a visionary decision.