Blockchain Testing Area Opened On Chinese Island Of Hainan
Chinese authorities have launched the so-called Blockchain Testing Zone in the newly opened Free Trade Zone (FTZ) on Hainan Island, as reported by People's Daily, the local resource.
The Zone will allow institutions and enterprises to test innovations, which will contribute to the development of the IT sphere, the capital of which may eventually reach billions of dollars. The testing process will take place in the designated sandbox in the FTZ so that developers can verify the compatibility of the government, industrial, and research systems.
In early October, the representatives of the Blockchain Research Center at the University of Oxford confirmed that their group had signed an agreement with the Hainan Resort Software Community to establish a blockchain research lab together.
The team of the Huobi crypto exchange plans to relocate their head office from Beijing to Hainan to attract other crypto companies to grow their business in the new blockchain zone.
The project aiming to launch the testing zone also includes the Hainan Eco-Software Park, an area for studying the digital government system, international payments, and the prospects of a “free digital port”.
The project creators stated they intend to abandon the traditional transport system in Hainan gradually by 2025, replacing it with a “free port” operating on blockchain.
As previously reported, a major university in Beijing filed a patent application, suggesting the use of blockchain for managing web domains.