China Internet Nationwide Financial Services Inc. (CIFS), a financial advisory services provider and financial technology company today announced that its contractually controlled and managed company, Sheng Ying Xin (Beijing) Management Consulting Co., Ltd., has signed an agreement with RIIT of Tsinghua University to establish an Industry Trusted Blockchain Application Technology Joint Research Center with the purpose of researching and developing
1) key technologies able to support efficiency, safety, and longevity of the blockchain ecosystem
2) common architectural systems and development models able to support trusted blockchain applications for a range of industries.
Using artificial intelligence (AI), machine learning and big data technology, the team of researchers from both CIFS and RIIT will develop a series of enterprise-level blockchain applications to address the challenges and needs that many corporations in China are facing today. For example, blockchain applications may be used to optimize transitions, increase traceability and transparency within the supply chain (upstream or downstream), track manufacturing process, assembly, delivery, and maintenance of products with suppliers and vendors. It can also be used to track agricultural products from farmers to consumers to ensure product quality, alleviate food safety issues and ensure fair pricing of produce and livestock.
Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS noted, “The establishment of the Research Center is another important step forward and part of our new business strategy to transform CIFS’ business from a traditional financial advisory service provider to a financial technology (“FinTech”) company. FinTech will be the main driver of the next phase of our growth.”
Mr. Lin added, “Using underlying technologies and algorithms, our teams will research and build blockchain applications for different business segments such as supply chain, agricultural products, medical/pharmaceutical, logistics and so on. Implementation of blockchain solutions provides companies across industries with multiple benefits including a high degree of trust for business transactions. Additionally, blockchain has the potential to significantly improve our life as citizens, and change the way we work and interact in our society.”
Mr. Bin Yang, Vice President of Tsinghua University, noted, “The development of industry-trusted blockchain application technologies has become a vital national strategy for all countries. It is an important goal for us to deeply build digital ecosystems, which once integrated into our economy should speed up China’s economic transition by upgrading the industry standard. The digital transformation has only just begun and the development of industry trusted blockchain applications is expected to have a number of positive impacts for the society.”