(Yicai Global) March 20 -- Guangdong Transtek Medical Electronics Co. will cooperate with a technology development company to introduce blockchain to personal health management services to promote the upgrading of intelligent wearable devices as well as medical equipment.

Transtek inked an agreement with a Beijing-based blockchain company to establish a research laboratory in Shenzhen, said a statement from the manufacturer of intelligent electronic devices for personal health monitoring yesterday.

The proposed laboratory will boost the application of blockchain in chronic diseases, sports and health management. It will use the technology to design a "blockchain and healthcare" solution that covers health management, health record transfer, research on diseases, analysis of insurance fraud, drug tracking and medical auditing, it said.

Intellectual property rights generated by the laboratory during the cooperation period will be shared by both parties, the statement said.

The laboratory will help Transtek quickly build its key competitiveness in blockchain technology and deepen both parties' cooperation in intelligent wearable wristbands and other healthcare products.