Xiongan sets up blockchain lab

A blockchain lab was established in Xiongan New Area in Hebei province on Tuesday. Its mission: Do research on and apply blockchain technology during the area's construction and development.

Blockchain, an open, distributed digital database for any transaction involving money, goods, property and more provides a high level of security by creating a record whose authenticity can be verified by the whole community.

"The lab should start from research on basic technologies and build a city-level blockchain application to promote the deep integration of blockchain and urban development," Chen Gang, secretary of the Xiongan New Area Working Committee of the Communist Party of China and director of the area's administrative committee, said at the lab's opening ceremony on Tuesday.

Chen added that Xiongan will provide necessary data and resources to the lab and provide support for enterprises, institutions and talent involved with the lab.

He also expressed hope that the lab would attract leading talent and innovative teams in the field of blockchain technology and related industries.

"Blockchain is necessary for building a smart city," Xiong Qunli, chairman of China Electronics Technology Group Co, said during the online ceremony.

Xiong said the lab will provide government and companies with services such as testing and approval of technology and products, setting up standards and policies, making strategic plans and nurturing talent in the field.

Located about 100 kilometers southwest of Beijing, Xiongan was set up three years ago as a new economic zone near the capital. It's primary task is to handle the non-capital functions of Beijing.

An outline of the area's development said part of the vision was that it would develop research and experiments on such technologies as blockchain, terahertz and cognitive computing.

Since its establishment, the area has applied blockchain technology to fields such as project capital flow and house leasing and financing, according to the area's official WeChat account.