With every passing day, China is upping its blockchain game
With every passing day, China is upping its blockchain game and dazzling the global cryptocurrency community. A group of A-listed Chinese universities in China is planning to build a decentralized, blockchain-powered organization with the sole purpose of making educational resources more accessible and affordable.
Tsinghua x-lab, the innovation incubator at China’s Tsinghua University, is apparently leading this project. He has collaborated with several other educational institutions such as the Peking and Zhejiang universities. The initiative was revealed on Sunday.
The project which is being called the Dubbed the Youth Education Chain League (YEC League), has a vision to become the opposite of the U.S. Ivy League, in which educational resources are largely restricted to the elite, the announcement says.
The way they plan to achieve this is by allowing the university’s Innovation Centre to build a decentralized autonomous organization (or DAO), based on a blockchain protocol, to which universities or research institutions can join as distributed nodes.
According to x-lab, the resulting output will be that students and faculties could potentially gain access to educational resources from different institutions shared over its distributed ledger. It will also let participants vote for future development and applications over the platform.
Although a timeline is yet to be revealed by x-lab for the project’s development, the initiative marks a major collaborative venture by public universities in China as part of their wider push into researching and developing blockchain technologies.
China is a step ahead when it comes to blockchain since universities in China have been pursuing blockchain patents since 2015. In fact, data from the China Intellectual Property Office shows that universities in the country have filed a total of nearly 140 patent applications that relate to blockchain technology over the past three years, covering a diverse range of fields.