Binance continues to advance in its growth, through important alliances with other companies. In this case, the partnership occurred between the Binance China Blockchain Institute and Zhongshang Beidou. Find out all the details here.
First of all, the Binance China Blockchain Institute is the research institute that is part of Binance. On the other hand, Zhongshang Beidou Supply Chain Management Group is a model company at the state level for the 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 State Assets Supervision and Administration Commission (SASAC).
What is Binance’s long-term strategy?
What has the „Binance China Blockchain Institute“ been doing?
Through the partnership, the two companies will work together to drive innovation and the application of Blockchain in the supply chain. The goal is to develop a new digital infrastructure and support small and medium enterprises in China.
An interesting fact is that 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.
China is a major participant in this initiative, including 15 leading Chinese companies and institutional partners. 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 and Enterprises“. The idea is to invest RMB 100 million in more than 1,000 medium, small and micro enterprises over the next two years.
What Binance provides to these companies is access to their digital ecosystem, building with them an alliance from the Blockchain industry and helping them to boost their digital transformation.
In this way, Zhongshang Beidou joined the Spark Project to promote research and development of the Blockchain technology. In addition, they are researching industrial innovation by integrating industry, education, research and implementation.
„The potential of the Blockchain technology will be fully unlocked when we continue to develop the technology, apply it to industries and foster Blockchain talent“. This is what Mai Lu, Binance’s vice president for Asia and the Pacific, said.
What is the main advantage of this partnership?
First, the two companies will establish deep cooperation in a variety of areas. These include scientific research and development, commercialization of technological achievements and Crypto Cash platform construction, etc.
The idea is to establish a model of strategic and sustainable cooperation that integrates industry, education, research and implementation of the benefits of blockchain technology in China’s industrial development.
Ultimately they seek to promote the rebuilding of supply chain infrastructure with Blockchain technology. In turn, they want to contribute to the development of the digital economy in China.