Binance China Blockchain Institute Announced Strategic Partnership with China State-Owned Zhongshang Beidou to Build a New Digital Infrastructure in China
Update: June 2, 2022 -- In 2020, Binance Charity signed onto the United Nations General Compact initiative to support more sustainable growth in rural and urban China. As a part of that initiative, Binance Charity offered to support the local efforts in China build more sustainability focused Web3 projects on the BNB Chain. This partnership was never realized as shortly after the announcement was made, China decreed that supporting or cooperating with any foreign-based blockchain company was illegal and would result in prosecution.
Binance China Blockchain Institute, the research institute part of the world’s leading blockchain and cryptocurrency infrastructure provider Binance, today announced a strategic partnership with Zhongshang Beidou Supply Chain Management Group (Zhongshang Beidou), a state-level model enterprise for supply chain innovation and application established by (China) Commercial Network Construction Development Center under the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC).
Through the partnership, the two companies will work together in driving supply chain innovation and application using blockchain technology toward the goal of developing a new digital infrastructure and supporting medium, small and micro-sized businesses in China.
Binance China Blockchain Institute joined the United Nations Global Compact (UNGC) as a high-level United States (UN) partner on June 16, 2020, aiming to facilitate China’s “Belt & Road Initiative” and promote sustainable development. Other UNGC members are 15 leading enterprises and institutional partners in China, including China Development Bank, Sinopec and the State Grid Corporation of China.
As part of the initiative, Binance China Blockchain Institute launched the “New Digital Infrastructure - Hundred Cities Thousand Enterprises Spark Project” (Spark Project), to invest RMB 100 million in over 1,000 medium, small and micro-sized enterprises in the next two years, provide them with access to the Binance ecosystem, build a blockchain industry alliance and help drive digital transformation of these enterprises.
Zhongshan Beidou joined the Spark Project, working alongside Binance China Blockchain Institute in boosting research and development of blockchain technology as well as industrial innovation by integrating industry, education, research and application, focusing on reconstructing the supply chain infrastructure with blockchain technology and contributing to the development of the digital economy in China.
“Blockchain technology has the proven track record of empowering traditional industries, especially in the supply chain area. The potential of blockchain technology will be fully unleashed when we continue to develop the technology, apply it to industries and foster blockchain talents,” said Binance Asia-Pacific VP Mai Lu. “By joining forces with Zhongshang Beidou, an exemplary business in supply chain innovation, Binance China Blockchain Institute will continue to push the integration of industry, education and research, accelerate digital transformation and help foster the digital economy in China.”
The two companies will establish in-depth cooperation in a variety of areas including scientific research and development, project collaboration, the commercialization of technological achievements and platform construction, establishing a strategic and sustainable cooperation model that integrates industry, education, research and application.
“We share the vision of developing the digital economy and growing the domestic demand in China,” said Zhongshang Beidou Chairman Hongtao Duan. “At Zhongshang Beidou, we are committed to driving industry capitalization through information industrialization, bringing China-based brands to the capital markets and to the global audience. By applying blockchain technology to the supply chain industry, it will also help protect and reshape the vintage brands and agricultural brands in China.”
Binance China Blockchain Institute is focused on the research of the underlying blockchain technology, computing economy and industrial applications, bridging China’s blockchain industry with global resources and providing education, training, consulting services and incubation opportunities, etc. Zhongshang Beidou will focus on integrating platforms, trades and services, building a comprehensive supply chain platform with global competitive edge. Through the partnership, the two companies will work together to drive the application of blockchain technology in the supply chain industry and contribute to build the digital economy in China.
To learn more about Binance China Blockchain Institute and the “Spark Project”, visit: https://www.binance.cn/
About Binance China Blockchain Institute
Binance China Blockchain Institute is dedicated to building digital financial infrastructure and services powered by blockchain technology, as well as establishing a more open, compatible and safer internet of value ecosystem. The Institute focuses on the research of blockchain technology, industrial applications and governance models, aiming to take Binance to the forefront of blockchain research. It also provides tools, resources, education, training and certification for blockchain developers, fostering the blockchain ecosystem and funding innovative startups and entrepreneurs to boost technological breakthroughs and apply blockchain technology in the real economy. For more information, visit https://www.binance.cn/.