(Yicai Global) Aug. 28 -- Qu Kuai Lian Tong Beijing Technology Co. and Beijing University of Posts and Telecommunications have set up China's first college-incubated blockchain research lab in the country's capital to study in-depth the technology's applications in 5G communication, Beijing Daily reported today.
The lab will research blockchain's application in 4G and 5G communications, said Dr. Ma Zhaofeng, lab director. This will enable smartphone users to apply the technology on their devices.
The firm will put up a research fund of around CNY1 million (USD150,000) within the last quarter of the year. There will be a larger investment at the beginning of next year if the project progresses well, said Hao Yunan, executive director of the company.
Mining via smartphones will become a new direction for blockchain technology, the report said. The lab's priority will be to research how the technology can be better applied with a focus on security, e-commerce and privacy protection.
Decentralization is one of blockchain's characteristics, said Wang Yongjian, a department director at National Computer Network Emergency Response Technical Team / Coordination Center of China. Plenty of input and use of state-owned intellectual property would have a positive impact on the security of China's internet and finance sectors, he added.