According to a recent report, China’s Hainan Province became the host of country’s licensed “pilot zone” blockchain development project. The pilot project aims to bring Blockchain talents around the world under a single roof and to explore specific areas such as cross-border trade, inclusive finance and credit rating for further improvement. The news was reported by China’s official press agency, Xinhua, on Monday.

Hainan Resort Software Community (RSC) is is a dedicated tech space and software park. targeted for the introduction of the base of the project. The RSC is a dedicated tech space and software park. The pilot zone will mostly hold various departments including a blockchain research institute and innovation centre.

While the research centre will focus on the further applicational development of blockchain, the innovation centre will focus on creating institutions for the same. So, the country is gearing up for embracing blockchain technology for to get benefit on a bigger scale.

RSC and the University College Oxford Blockchain Research Centre at Oxford University, have collaborated to form the blockchain research institute. Similarly, Beijing’s Remin University has joined hands with RSC for the formation of the innovation centre.

Hainan’s Head of Provincial Department of Industry and Information Technology, Wang Jing expressed his happiness over these steps. He stated that the pilot zone has the capacity to attract an international blockchain market to invest in China.

Moreover, this will result in unbelievable improvements to the country’s core fields such as cross-tradings, international payments, and core finance.

Adding further Wang said that the initiative can lead to a deeper alliance with top-notch educational institutions around the world.

China will now continuously try to improve its hold over blockchain development through both private and public sector companies.