China’s 360 Finance and Qtum establish China’s first commercial blockchain lab

360 Blockchain Research Center, the BTN Foundation, and the Qtum Foundation have signed a Memorandum of Understanding to form a blockchain technology laboratory as of January 8, 2018, making the partnership the first of its kind in China.

The joint partnership will see the three parties collaborating on the development of decentralized ledger technologies, the next generation of smart-contracts virtual machines, smart contracts security and formal verification, new consensus models, blockchain software security, blockchain and internet security, decentralized storage and computing technology.

“We are delighted to from this partnership with 360 Blockchain Research Center and BTN Foundation, a milestone event that will hopefully catalyst the commercialization of the blockchain technology. It’s a win-win-win partnership that can tap the shared strengths to promote the multi-lateral collaboration and the adoption of the blockchain technology in commercial contexts,” said Patrick Dai, founder and chief executive officer of Qtum Foundation, a Singapore-headquartered a decision-making body charged with accelerating the development of the Qtum open blockchain network and protocol that currently supports over three million users and 250 developers worldwide.

Patrick believes that blockchain technology introduces a new era of industrial efficiency and incentive mechanisms fit for society in the 21st century. This sort of collaboration and research unlocks unparalleled intellectual capital and betters the industry through increased security, innovation, and product realization.

“The strategic alliance of 360 Blockchain Research Center, BTN Foundation, and Qtum Foundation is an instrumental part of our global strategy in diversifying the portfolio and industry reach of our ecosystem. We hope to aggregate more industry-leading experts, developers to cultivate the 360 blockchain ecosystem, in a bid to increase the effectiveness and efficiency of our collaborative platform,” said Mr. Liu Wei, vice president, and chairman of 360 Finance, a subsidiary of Qihoo360, the leading Chinese cybersecurity company providing anti-virus solutions. Qihoo 360 has recently supported FBI Anchorage in Alaska by helping crack three local cyber-crime cases involving significant DDoS attacks.

Mr. Liu adds that the newly founded blockchain lab will endeavor to promote the development and commercialization of blockchain technology, as well as to raise China’s authority in blockchain technology.

Mr. Zhang Yunfan, secretary general of the BTN Foundation is affirmative about the prospect of the commercialization of blockchain technology and believes the adoption of it will significantly improve the operational and financial efficiency of a broad spectrum of sectors such as finance, smart equipment, healthcare, entertainment and the Internet of things. “The perception is changing from viewing blockchain technology as a disruptive challenge to that of a key instrumental in enhancing the commercial value. The partnership with Qtum and 360 reflects a broader transformation from an information economy to that is taking place — the transformation from the Internet thinking to blockchain thinking, from the information era to one that is characterized by network value.”