FormulA and Chinese Academy of Sciences Reached Preliminary Cooperation Intention to Establish a Blockchain Joint Laboratory

SHANGHAI, April 28, 2018 /PRNewswire/ -- The Chinese "National Team" is entering into the field of blockchain technology rapidly. On 9th April, the launching ceremony of Hangzhou Blockchain Industrial Park was held in Hangzhou Future Technology City, and 10 blockchain enterprises were contracted and settled as the first batch. This project was established by the Yuhang District Government at a total scale of 10 billion in funding invested by the Hangzhou Municipal Government, of which 30% will be used to invest in and introduce high-quality blockchain projects.

Just one week later, as the most prestigious academic institution of this "National Team" in the fields of natural science and science & technology, the Chinese Academy of Sciences (CAS) reached preliminary cooperation intentions with FormulA Project that focuses on the registration of real assets. Currently, they are discussing a specific implementation plan for establishing a blockchain joint laboratory together. According to Stephen Song, anAsia Pacific partner of the FormulA Foundation, by relying on the scientific R&D superiority from the CAS side and FormulA's industrial resource advantages, the joint laboratory aims to structure a more efficient and safer ecology for the Internet of Asset.

The Chinese Academy of Sciences is a representative institutionin terms of research precision and research level, establishing the benchmark for the development of fin-tech science and technology in China. While the rapid development of blockchain technology has attracted the attention of financial institutions and capital markets, it has also been highly valued by national scientific research units. Chinese Academy of Sciences' research on blockchain can be traced back to the beginning of bitcoin, and its first landing scenario is the Internet of Vehicles and the Internet of Things. The cooperation with the FormulA project is focused arounda joint laboratory of the Internet of Vehicles, Chinese Academy of Sciences. This cooperation is not just leveraging the technology of Chinese Academy of Sciences but a powerful combination:the FormulA project with strong asset trading and blockchain resources will synergize with the Chinese Academy of Sciences' technical advantages, making the project's prospectshighly promising.

"FormulA will continue to focus on the business module of registration of real assets on-chain, and we are always overjoyed to cooperate with a national technical team like the Chinese Academy of Sciences. This not only represents the high quality attribute of our project, but also will help us to establish a boarder blockchain ecology". Said Mr Song, also emphasizing that the presence of the Chinese Academy of Sciences will set the R&D requirements and development schedule according to the route map of FormulA: "This laboratory will become the first national blockchain project relating to on-chain assets and asset transactions, and in the meantime, the technical team will provide the most favorable technical support for the FormulA project. Therefore the asset on-chain ecology is expected to be established based on the project."

It is reported that in this cooperation consultation, the leader of the Chinese Academy of Sciences is Dr. Zhang, one of the leading scientists in the fields of Internet of Vehicles, cryptology and blockchain. "The current plan is to send about 15 technicians to join the Blockchain Joint Laboratory, and the action plan still needs further discussion." Dr. Zhang has been engaged in the research of blockchain, big data and security for a long time, and focusing on the related research on massive data processing, network optimization, and information security. He is very interested in the two elements of the FormulA business module - "assets digitalization" and "trust-free Internet of Asset"/"programable finance."

Mr. Hu, research director of the joint laboratory of Internet of Vehicles, was involved in the establishment of the laboratory and eventually assumed responsibility for research and development. In his opinion, the depth cooperation between the FormulA program and the Chinese Academy of Sciences can not only establish a powerful asset on-chain platform, but also can jointly develop a blockchain ecology for asset transactions.

Stephen Song strongly agreed with this and said: "Never before has there been a blockchain project in China that could invite top-level national research teams such as the Chinese Academy of Sciences to conduct in-depth cooperation. In accordance with the pragmatic settings of FormulA's own blockchain application business module, this project which is favored by the Chinese Academy of Sciences is also well-deserved. FormulA is also willing to provide the service for the broader community and establish a real IoA ecology in virtue of CAS support."

About FormulA

FormulA is a leading blockchain project aiming to build a reliable Internet of Asset (IoA) which can be deployed to register and exchange the value of real assets. Based on the "Decentralized Asset Protocol", FormulA provides a universal solution for asset digitalization and reforms the status quo of the entire asset market. We can also empower financial institutions to increase their efficiency while decreasing potential cost and risk.

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SOURCE FormulA