Hong Kong University Will Develop Blockchain

Marcin Iwański
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According to the China News, the Hong Kong University of Science and Technology received $20 million in grants to improve the security and capabilities of electronic payment systems using blockchain technology.

The Hong Kong Business School has teamed up with the Hong Kong University and the Hong Kong Chinese University to develop a research project.

In addition to improve the security of electronic payments, the parties will also explore the use of block technologies and discuss how to make Hong Kong a global center of financial technology.

The research will be coordinated by Professor Jan Jiayin, known for his work on “Strengthening Hong Kong’s Strategic Position as a Regional and International Business Center” focusing on the blockchain, network security, and artificial intelligence.

In 2017, the Hong Kong Government announced plans to establish a trade finance system based on the principle of the blockchain, to reduce, i.e., frauds.

This year, more and more companies decide to invest their funds and time to focus on a blockchain technology. As we wrote earlier, car manufacturers are incredibly interested in blockchain to develop safer cars or cars which give a better driving experience. Also, Walmart decided to invest in blockchain which, they say, will reduce waste and save time during food transport.  

 

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