China, the unitary one-party socialist republic is already leading in the distributed ledger technology (DLT)/ blockchain-based innovative projects, comparing to other countries. Now, the People’s Republic of China joining forces with Singapore’s authorities to make its roots stronger and versatile in the DLT/blockchain space.
Reportedly, China’s eminent Bank, WeBank, has entered into a partnership with OpenNodes– a web-based engagement platform rooted DLT/ blockchain.
As per the information, OpenNodes has a backing of Singapore’s Infocomm Media Development Authority (IMDA) and other 20 influential projects. OpenNodes is the initiative launched by TRIBE Accelerator in 2019 “to bring together government agencies, corporates, and blockchain companies into a single online platform, to foster innovation and collaboration in the blockchain community.”
In the latest information, WeBank is endeavoring to bring its expertise in the nation who is one of the strongest pillars in the cryptocurrency and blockchain ecosystem. By partnering with OpenNode, WeBank is facilitating Singaporean Universities in the space of financial technology via blockchain.
In the alliance, Singaporean academics via WeBank would get the floor of FISCO BCOS– a blockchain platform, to have hands-on experience on different projects. With FISCO BCOS students can get the “innovative playground” to accelerate the adoption of blockchain in Singapore and get used to it for bringing innovation in the country.
China’s FISCO BCOS Origin
FISCO BCOS project was launched in 2016 by the non-profit Financial Blockchain Shenzhen Consortium (FISCO)(formed by financial institutions and financial information service companies) to nurture DLT research and innovation through collaboration.
The FISCO BCOS is an open consortium chain (open-source model) and has helped Chinese authorities to develop China’s Blockchain Service Network with it’s a secure, private, efficient, and reliable business model.
Reportedly, there is a rule to participate in the program. The students are required to present all the innovations as an open-source constructed via the FISCO BCOS platform.
The joint collaboration is aiming to perform as a catalyst to drive blockchain-oriented research in finance and supply chain sectors, including others.
China’s WeBank- The 3rd Global Rank Holder in Blockchain Patent Filings
WeBank ranks third in the blockchain patent filings globally after Alibaba and Tencent, according to the joint report titled “2019 Global Blockchain Invention Patent Ranking (TOP100),” published by the Chinese Network- the intellectual property industry media IPRdaily and the incoPat Innovation Index Research Center.