The People’s Bank of China Institute Unveils Corporate Blockchain Platform

The Hangzhou Blockchain Research Institute, initiated by the People’s Bank of China, has launched the Blockchain Registry Open Platform (BROP), a blockchain platform designed to streamline the bureaucratic processes of local and foreign organizations. BROP Announced Yesterday in Hangzhou at the Global Summit of Financial Science and Technology.

BROP is an open blockchain protocol that, according to its white paper, facilitates the development of tools to protect intellectual property rights. It can be used for supply chain management and identity storage. The BROP platform is capable of storing corporate information such as user IDs, certification data, logins and passwords. In addition, government departments can use the platform to exchange user data, as well as to speed up and secure authentication procedures in government services. The product is positioned as “blockchain as a service” or BaaS.

The Hangzhou Blockchain Research Institute is part of the Zhongchao Credit Card Development Institute, which is an offshoot of the China Banknote Printing and Coin Printing Corporation (CBPMC), a division of China’s central bank. The director of the Zhongchao Credit Card Development Institute is Feng Guifu, a member of the Linux Foundation Consortium.

“Preliminary work on blockchain technology began in early 2015, and the Hangzhou Blockchain Research Institute was established last year. Our key task is the development of blockchains and other emerging financial technologies, ”says Guifu.

The Hangzhou Blockchain Research Institute and two other subsidiaries of the People’s Bank of China are currently the most active blockchain-related patent filing organizations in the world. According to IPRdaily, which has compiled a global rating of corporate blockchain patents, the People’s Bank of China has registered 68 blockchain-related patents through its three subsidiaries..

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