A new research lab for blockchain has been opened in Shanghai by “Shanghai-Maritime-University” to enhance innovation in financial technology. The inaugural date of the respective research lab was 15th September 2021.
The Conflux project and its expected outcomes
The target of this institution is to make the city further established as a hub for shipping and finance across the globe. The latest lab of blockchain is the earliest of its kind in the city. Its location is Lingang within Pudong-New-Area, so that it could boost the blockchain applications around the vicinity. Additionally, it will enhance the ability to carry out the offshore transactions of digital yuan. Presently, the newly initiated Conflux blockchain can execute approximately up to 3,000 transactions over a second. The confirmation of the deal can be sent by the platform within roughly 23 seconds after the completion of the transaction.
The formal press release about the project, which was conducted in Shanghai city, promoted the project by stating that it is more efficient than the conventionally operating banks. Moreover, another characteristic of the latest blockchain, as described by the officials, is that its network is about 428 times quicker than the rest of the blockchain networks. As per the originator of the project “Long Fan,” the scope and utilization of the products of this latest blockchain hub will be very broad. He pointed toward its integration with the native businesses as well as the government sector to be expected in the future.
The final purpose of the construction of this project deals with the expansion of the digital infrastructure of the city. Furthermore, with the assistance of this project, an innovative blockchain network will be established in China.
Shanghai innovation and crypto crackdown
The promotion of Shanghai for being a hub of blockchain innovation is not being done for the first time. In 2019, the city stepped into a blockchain alliance with the financial institutions included in the e-port of the city. More recently, in summer, the city turned to be among many cities throughout China for the airdrop of digital yuan. More than 19.25 million of the digital yuan tokens were airdropped to the citizens via a lottery by the city. On the other hand, numerous crypto miners in China were compelled to leave the country during the last year. With this, the crypto-related businesses fear the heavy hand of the government.