The People’s Bank of China (PBoC) launched their first blockchain-based platform, dubbed the Blockchain Registry Open Platform (BROP). Its purpose: to cut through the extensive bureaucracy surrounding China’s banking system.
The platform was developed by the Zhongchao Blockchain Research Institute, that works as a subsidiary under the PBoC. The project was unveiled at the Global Financial Science and Technology Summit, as a platform for developing intellectual property rights through blockchain technology. It follows the steps of a number of platforms already developed for similar purposes. The service enables the creation of credible records of intellectual ownership. As well as this, the BROP can certify data and provide users with digital credentials.
The principal goal of the platform is to simplify the process for maintaining intellectual property rights, currently a challenge for foreign and local businesses due to the extensive bureaucratic barriers in place. BROP can be used by multiple economic sectors, with intentions to employ the service to provide verifiable and supervised ownership registries and information on public services.
”Our key focus is the development of blockchain and other emerging financial technologies”
Speaking out on the project, Fan Guifu, chairman of Zhongchao Credit Card that supervises the Zhongchao Blockchain Research Institute, intimated this would not be the only blockchain development from the institute. Some outlets have reported that the institute has applied for 22 blockchain patents, signalling more projects in the future.
Zhongchao found its way to 18th pace in the 2017 Global Blockchain Enterprise Patent Rankings released by IPRdaily. Of the top 100 companies on the list, 49 were Chinese, while 23 were from the USA.
While the PBoC has proudly released their first blockchain development, the government’s attitude towards cryptocurrencies has not changed. Cryptocurrency companies operating in China face many restrictions, including the ban on initial coin offerings (ICOs) and domestic-fiat exchanges.
The development of the BROP began in 2015, with the Zhongchao Blockchain Research Institute created in 2017 to finalize the development. The platform went live on 26 March 2018.