Binance China Blockchain Research Institute has signed a strategic partnership agreement with a State Owned Enterprise in China for use of blockchain technologies in the supply chain. This represents a big move for Binance, a company that began its life in China.
China has been notoriously against cryptocurrency and decentralised coins like Bitcoin, however, it has thrown its full weight behind the use of blockchain technology. Part of this has now seen the Chinese government and many of the state owned operatives looking to companies like Binance because of their blockchain know-how.
According to the report, Binance will be working with Beidou Supply Chain Management Group to provide a new digital infrastructure and to support small, medium and micro enterprises in cooperating in the application of supply chain and blockchain.
Binance China Blockchain Research Institute has been busy of late as they also announced a partnership with Xinyuan Group, a Chinese real estate company working on incorporating blockchain technology in the global real estate industry.
These steps being taken by Binance and its Blockchain Research Institutte are not only positive for the parent company, but also for the blockchain space and China. It represents a use of blockchain technology from China and its powerful companies, but also shows more leineciy and understanding towards the crypto companies that once fled the country.
Of course, this does ot represent a softening of opinion from China on cryptocurrency, but rather further evidence of their commitment to blockchain technology.