The first pilot area in China to study the use of blockchain technology is open in Hainan province in the South of the country, reported state news Agency Xinhua.

The area is located in the high-tech Park, Hainan Resort Software Community (RSC) and includes several projects, including the Institute for blockchain studies and innovation center.

Research Institute is a joint project between the RSC and University College Oxford Blockchain, University of Oxford (UK) and has already begun its work. The innovation centre will be established RSC, in partnership with the Chinese people’s University (Beijing).

The head of the Department of industry and information technology of Hainan province Wang Jing (Wang Jing) said:

“The pilot zone will take on the commitment to attract blockchain talents from around the world and the study of the use of technology in such areas as international trade, global Finance and credit rating”.

The official added that the pilot zone would deepen cooperation with leading research institutions around the world and key players in the blockchain industry.

Recall that in may Chinese President XI Jinping (Xi Jinping) called the blockchain breakthrough technology, first publicly recognizing its potential. The development of new industry podderzhivaetsya not only Central authorities, but also at the municipal level — for example, the innovation funds to Finance the blockchain projects created in Shenzhen ($80 million), Hangzhou ($1.6 billion) and
Nanjing ($1.48 billion).

In August, the Ministry of industry and information technology of China stated that despite the fact that the new technology is widely used in the financial sector, logistics and intelligent manufacturing, blockchain-industry in the country is in its infancy.