China State Intellectual Property Office published data that clearly indicates the will of Chinese government-funded academic institutions to solidify its grip on blockchain technology. The list includes Zhejiang University, Shenzhen University and Chinese Academy of Sciences. Recently, the government of China is doing its best to establish a market for fintech companies, as the number of ordinary companies also trying to patent their patent-related inventions.
To be more specific. Zhejiang University designed a system for cross-border payment operations and it proposes using a blockchain ledger on cloud servers for handling and confirming the transactions instead of traditional third party acting as a trustee. Chinese Academy of Sciences is building a blockchain solution that aims to unite private, public and consortium types of blockchain into one package. As for Shenzhen University, its project is more specific: a system for tagging and tracing artists' works, and on top of that a tamper-proof artwork trading system upon successful launch.
Last week Bank of China reported to have submitted a patent application on using a data compression in the process of block creation in a ledger thus addressing the issue of scaling the latter.