A research institute under the People’s Bank of China (PBoC) has launched a blockchain-based platform, the first of its kind to be launched under China’s central bank. The Hangzhou Blockchain Research Institute, also known as the Zhongchao Blockchain Research Institute, presented its Blockchain Registry Open Platform (BROP) at the Global Financial Science and Technology Summit in Hangzhou on Monday, Tencent News reports.

The platform aims to cut through China’s bureaucracy, daunting both for local and foreign companies. The BROP is an open platform for developing independent intellectual property rights based on blockchain, according to its white paper (in Chinese). The platform will work with partners to make credible records of user identity, certificate data, and digital credentials for enterprise users. It plans to provide verifiable and supervised ownership registries and information on public services.

The Hangzhou Blockchain Research Institute belongs to Zhongchao Credit Card Industry Development, a subsidiary of China Banknote Printing and Minting Corporation (CBPMC) under China’s central bank. Zhongchao Credit Card Industry Development, which as the name explains provides technology for Chinese credit cards, is also a member of the Linux Foundation.

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