Bitcoin
$41,949.02+0.81%
Ethereum
$2,208.49-0.73%
Binance Coin
$224.48-0.59%
XRP
$0.61025031-0.98%
Solana
$60.58+0.13%
Cardano
$0.40017617-0.07%
Dogecoin
$0.08930875+2.27%
Tron
$0.10294820-3.13%
Chainlink
$15.38-1.36%
Toncoin
$2.44+2.61%
Avalanche
$21.72+2.09%
Polygon
$0.79171516-0.49%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

Blockchain Research Lab to Combat Financial Fraud in Shenzhen

A group of universities in China are teaming up to research blockchain technology and its potential impact on financial fraud.

By Chuan Tian
AccessTimeIconJun 26, 2017 at 8:25 p.m. UTC
Updated Sep 11, 2021 at 1:29 p.m. UTC
shutterstock_373762951

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

The last year has seen a number of blockchain consortia emerge, including those based in Shanghai, Shenzhen and Beijing, that aim to drive collective trials of the tech.

Shenzhen cityscape image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.