The renowned cryptocurrency exchange, Binance, has initiated the Lingang Research Institute in China, aiming to boost blockchain usage and promote new advancements in the digital asset space.
Binance Creates Blockchain Research Hub in Shanghai
According to a press release Announced on Sunday, March 29, 2020, by the leading crypto platform Binance, a new blockchain research institution has been established in China.
In August 2018, Binance launched the early version of its educational platform, Binance Academy, to support studies in the rapidly evolving blockchain technology sector.
While China is exploring its own central bank digital currency (CBDC) and has become a fertile ground for decentralized ledger technology (DLT) innovations lately, Binance Academy has now set up the Lingang Blockchain Technology and Industry Research Institute in Shanghai.
The institute, also known as the Lingang Research Institute, will serve as a hub for DLT enthusiasts focused on driving significant progress within the blockchain realm, according to the announcement.
The institute is also working towards speeding up the integration and utilization of DLT, aided by artificial intelligence and allied technologies.
Leading the charge at the Lingang Research initiative is Helen Hai from the Binance Charity Foundation. She shared insights into the institute's ambitions for impacting the blockchain industry, stating:
\"By partnering with local entities to establish the Lingang Research Institute, Binance Academy aims to form a premier think tank and research nucleus that propels wide-reaching developments in blockchain technology, ultimately fostering the industry’s expansion.\"
Additionally, Helen Hai emphasized that the institute endeavors to support the burgeoning crypto industry by tapping into Binance’s extensive blockchain ecosystem and resources.
Moreover, the Lingang Research Institute has brought on board Don Tapscott, CEO of the Tapscott Group and Co-Founder of the Blockchain Research Institute (BRI), as an Honorary Dean. Addressing his new role, Tapscott expressed:
\"Research, education, and developing new skills are vital in advancing forward, and we are thrilled to collaborate with Lingang Blockchain Academy to foster this evolution in China.\"
Priority on Research and Practical Application
In recent months, there's been a surge in efforts by organizations to extend the scope of emerging developments in the digital assets arena through investments in DLT research.
Several crypto-centric companies are teaming up with academic bodies to fund educational programs aimed at exploring how blockchain technology can address real-world challenges.
Earlier in February 2020, crypto research and development Input Output Hong Kong (IOHK) made a contribution of $500,000 in Cardano tokens (ADA) to the University of Wyoming (UW). This donation is directed towards aiding the university’s blockchain research work at its Advanced Blockchain Research and Development Laboratory.
In another corporate-academic collaboration, a branch of the Chinese IT giant Tencent, the Tencent Financial Academy, joined hands with the University of Hong Kong to enhance research on DLT application in developing products related to the financial sector.
Organizations such as the BRI have also been active in nurturing blockchain research by forming partnerships with over 60 leading companies, universities, and countries like Canada and Argentina .
Blockchain has entered academia and positioned itself as a potential answer to contemporary issues. After being appointed Honorary Dean by the Lingang Research Institute, Don Tapscott, Executive Chairman of the BRI, noted:
\"Blockchain symbolizes the next phase of the internet – the Internet of Value – and has the capacity to aid in creating more inventive and efficient organizations.\"
Globally, various agencies and governments are probing the capabilities of DLT to refine procedures and operations. As previously mentioned by Blockonomi , the U.S. Food and Drug Administration (FDA) has been contemplating the use of a blockchain-based network to enhance drug monitoring.
Earlier in March 2020, the Russian cybersecurity firm Kaspersky revealed the inception of a DLT-driven voting system aimed at enhancing election transparency and voter security.
