Binance continues to advance its growth, through important alliances with other companies. In this case, the partnership occurred between the Binance China Blockchain Institute and Zhongshang Beidou. Get all the details here.
First of all, the Binance China Blockchain Institute is the research institute that is part of Binance. For its part, Zhongshang Beidou Supply Chain Management Group is a state-level model company for innovation and application of the supply chain established by China.
Specifically, Zhongshang Beidou works with the Commercial Network Construction Development Center under the State Council’s Supervision and Administration of State-Owned Assets Commission (SASAC).
What has the Binance China Blockchain Institute been doing?
Through the partnership, the two companies will work together to drive Blockchain innovation and application in the supply chain. The goal is to develop a new digital infrastructure and support small and medium-sized enterprises in China.
An interesting fact is that the Binance China Blockchain Institute joined the United Nations Global Compact (UNGC) on June 16, 2020, with the aim of facilitating China’s “Belt and Road Initiative” and promoting sustainable development.
In this initiative, China has an important participation, since 15 leading companies and institutional partners of this country are included. For example, the China Development Bank, Sinopec, among others.
Also, the Binance China Blockchain Institute launched the “Spark Project: New Digital Infrastructure – One Hundred Thousand Cities Thousand Companies”. The idea is to invest RMB 100 million in more than 1,000 medium, small and micro companies in the next 2 years.
What Binance provides these companies with is access to their digital ecosystem, builds an alliance with them from the Blockchain industry and helps them drive their digital transformation.
In this way, Zhongshang Beidou joined the Spark Project to promote research and development of Blockchain technology. Additionally, they investigate industrial innovation by integrating industry, education, research, and execution.
“The potential of Blockchain technology will be fully unlocked as we continue to develop the technology, apply it to industries, and nurture Blockchain talents.” This is what Mai Lu, Binance Vice President for Asia and the Pacific said.
What is the main advantage of this association?
Firstly, the two companies will establish deep cooperation in a variety of areas. These include scientific research and development, commercialization of technological achievements and construction of platforms, etc.
The idea is to establish a model of strategic and sustainable cooperation that integrates industry, education, research, and the execution of the benefits of blockchain technology in China’s industrial development.
Ultimately they seek to promote the reconstruction of the supply chain infrastructure with Blockchain technology. In turn, they want to contribute to the development of the digital economy in China.
By joining forces with Zhongshang Beidou, an exemplary business in supply chain innovation, the Binance China Blockchain Institute will continue to drive acceleration and advancement of digital transformation in China.
“We share the vision of developing the digital economy and increasing domestic demand in China“Zhongshang Beidou President Hongtao Duan said. “By applying blockchain technology to the supply chain industry, it will also help protect and reshape vintage and agricultural brands in China.”he added.
Thus, in summary, this alliance looks promising not only for China’s economic future, but for the expansion of the Blockchain industry in general. Binance remains steadfast in its mission and vision as a company, and China appears to be aware of its potential.