A group of think tanks and universities are co-launching a new blockchain research lab in Shenzhen, China.
Opened on June 26th, the research lab is a collaborative initiative that includes participation from the Chinese Academy of Sciences, the Shenzhen Institutes of Advanced Technology and Zhaolian Finance, one of the largest companies in China's consumer finance industry.
According to the announcement, the new research lab will focus on using the technology to combat fraud, an issue those involved attribute to 50% of the losses in the consumer finance industry. The lab seeks to apply technologies such as blockchain, machine learning and AI to identify and prevent such instances.
All in all, it's the latest sign out of China that incumbent businesses are beefing up blockchain research efforts.
Shenzhen cityscape image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.