Blockchain Joint Laboratory to be Established in China Soon

Blockchain Joint Laboratory to be Established in China Soon

The Chinese Academy of Sciences (CAS) and FormulA have reached a preliminary cooperation intention for establishing a blockchain Joint Laboratory.

A week after the launching ceremony of the Hangzhou Blockchain Industrial Park which was held in Hangzhou Future Technology City, CAS has teamed up with FormulA to establish a blockchain joint laboratory with the help of each other.

FormulA is one of the leading blockchain projects aiming to develop an Internet of Assets (IoA) which can be used to register and exchange the values of real assets. It is based on the “Decentralized Asset Protocol” and can be used as a universal solution for the digitalization of assets. It can reform the status quo of the entire market of assets and can even help financial institutions in increasing efficiency and decreasing potential risks and costs.

Currently, the two are in discussions about the implementation plan they should be using to establish the blockchain joint laboratory.

According to an Asia Pacific partner of the FormulA Foundation, Stephen Song, the industrial resource advantages that FormulA has to offer and the scientific R&D superiority that CAS has to offer would help the joint laboratory in structuring a safe and efficient ecology for IoA. He said:

“FormulA will continue to focus on the business module of registration of real assets on-chain, and we are always overjoyed to cooperate with a national technical team like the Chinese Academy of Sciences. This not only represents the high quality attribute of our project, but also will help us to establish a boarder blockchain ecology…This laboratory will become the first national blockchain project relating to on-chain assets and asset transactions, and in the meantime, the technical team will provide the most favorable technical support for the FormulA project. Therefore the asset on-chain ecology is expected to be established based on the project.”

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.