Binance’s new blockchain research institute in China has formed a strategic partnership with a state-level supply chain innovator to develop digital infrastructure for small and medium enterprises (SMEs) in the country. According to the announcement, the Binance institute’s new partner is Zhongshang Beidon, which is a state-level enterprise for supply chain innovation that falls under the oversight of a ministerial-level organization known as the State-Owned Assets Supervision and Administration Commission of the State Council.
Both will work to reconstruct supply chain infrastructure using blockchain.
As strategic partners, the Binance China Blockchain Institute and Zhongshang Beidou will work together to reconstruct supply chain infrastructure using the blockchain technology as well as promoting industrial innovation and the development of China’s digital economy. SASAC is under the direct management of China’s State Council and is responsible for managing all 96 centrally administered state-owned enterprises in the country. Both will collaborate on scientific research, joint project development, and commercializing technological breakthroughs and platform construction.
The chairman of Zhongshang Beidou, Hongtao Duan, said that the enterprise is, “Committed to driving industry capitalization through information industrialization, bringing China-based brands to the capital markets and to the global audience. He further said that applying blockchain technology in the supply chain will help protect and reshape the country’s vintage brands and agricultural brands in China.
China to soon launch its centralized digital currency.
The People’s Bank of China has been working on its centralized digital yuan for the last five to six years and is now expected to launch soon. The centralized digital currency dubbed DCEP (Digital Currency Electronic Payment) is currently being tested in four cities. Chine will become the first major nation in the world to issue its national digital currency. Several experts have claimed that the digital yuan could threaten the global dominance of the US Dollar.