Blockchain System for SMEs: Binance Proposes to Develop

Binance China Blockchain Institute partners with a state-level enterprise to mutually develop a blockchain system for SMEs in their country.

The new blockchain research institute of Binance that is in China has proceeded to a strategic alliance with Zhongshiang Beidon, a state-level supply chain innovator. They are about to develop a blockchain system that will cater to small and medium enterprises (SMEs) in China.

Yesterday, July 3, Binance announced their partnership with Zhongshang Beidon. The state-level enterprise for supply chain innovation. More so, it is an institute that falls under the oversight of a ministerial-level organization, the State-Owned Assets Supervision and Administration Commission of the State Council.

The State Council of China directly manages the SASAC. Furthermore, it is responsible for managing all of the centrally-administered state-owned enterprises in China, which is about 96 in number.

With their strategic partnership, they will collaborate on utilizing blockchain technology to reconstruct the supply chain infrastructure. Furthermore, they are planning to promote industrial innovation and the development of the digital economy in China.

Both Binance China Blockchain and Zhongshang Beidou are in cooperation with their plans. Which includes, scientific research, joint project development, and commercializing technological breakthroughs and platform construction.

Hongtao Duan, the chairman of Zhongshang Beidou claims their enterprise commits on driving the industry capitalization through information industrialization. Thus, they will bring China-based brands to the International consumers and capital markets. Furthermore, he assures that employing blockchain to the supply chain industry will protect and reshape agricultural and vintage brands in China.

Blockchain System for SMEs -UNGC
Binance joining the UNGC

Is it for reconciliation?

Binance launched their Shanghai-based research institute, in the hopes that the exchange is a step closer to re-establishing their alliance with China.

Furthermore, they have extended their effort by joining the United Nations Global Compact. It is to help facilitate the Belt and Road Initiative of Beijing.

There are other 15 major Chinese institutions and enterprises that joined the UNGC.

Thus, with the coordination with Zhongshang Beidou, Binance launches an initiative– “New Digital Infrastructure – Hundred Cities Thousand Enterprises Spark Project.”

The Institute will invest 100-million worth of renminbi for 1,000 micro and SMEs for the next two years. The involved enterprises are given the privilege to access the Binance ecosystem. It aims to help them build alliances in the industry and support in digital transformation.

Black and white history in China

Although Binance originated in China, it left in the wake of the crackdown of Beijing on crypto-to-fiat trading and initial coin offerings. The tough stance of the Government was soon strengthened with further measures that focus on the trading and issuance of decentralized cryptocurrencies.

By 2019, Binance returned and made its first strategic investment in China. There were then unconfirmed rumors that Binance is planning to open an office in Beijing.

At the same time, Binance launched a peer-to-peer trading service for Chinese Yuan pairings against Tether, Ether, and Bitcoin.

In January 2020, Binance seals a 1.4 million worth of medical supplies for their fundraising project for Wuhan.