Binance China Partners State-Owned Enterprise To Boost Supply Chain Using Blockchain

Binance China’s Blockchain Research Institute has partnered with China Business Beidou Supply Chain Management Group to use blockchain technology in providing an effective supply chain for Small, Medium, and Micro Enterprises (SMEs) in the country. 

According to a report on local media today, both parties would deploy blockchain in ensuring that SMEs within the country receive the needed support in boosting their operations.  

Promoting blockchain in China

Binance recently returned to China after leaving the country in 2017 due to the ban on crypto activities in the nation. However, the exchange’s return to the country was not to promote cryptocurrencies but to accelerate blockchain research and development in China

Binance China was unveiled in April with a government recognized domain name “Binance.cn.” The platform stated that it is focused on blockchain-related activities. At that time, Binance’s Head of PR revealed that Binance China is meant for the company’s blockchain Insitute called Lingang Blockchain Technology and Industry Research Institute.

Lingang Research Institute describes itself as a blockchain ecosystem and enterprise in the blockchain industry that aims to become a “hub for blockchain talent, shaping for breakthroughs in blockchain technology, and accelerating the application of blockchain technology through integration with artificial intelligence (AI), big data, the Internet of Things (IoT), and other cutting-edge technologies.”

Last week, Binance China signed a strategic partnership with Xinyuan Group, an NYSE-listed Chinese real estate company, to apply the blockchain technology in global real estate, conduct scientific research, the source for talent, among others. 

The blockchain institute also recently joined the United Nations Global Compact sustainability drive, a “non-binding pact to encourage businesses worldwide to adopt sustainable and socially responsible policies, and to report on their implementation.”

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