Binance Blockchain Research Institute China: Draw on the Successful Experience and Spread the Innovation Stories

Abstract : Up until now, the initiative has attracted 47 organizations and benefited over 10,000 girls, with $200,000 raised on-chain.

ChainDD
ChainDD

Jul 08

On July 1st, 2019, ChainDD had an exclusive interview with Helen Hai, Head of Binance Charity during the annual meeting of new leaders of the World Economic Forum (DAVOS summer session) held in Dalian.

That day, she gave a speech on “blockchain for good” in one of the lecture halls. After the speech, a lot of guests from home and abroad came to talk to her. After all the guests left, we sat down and started the interview.

At that time, Binance launched a blockchain + charity initiative – “Pink Token”. It was a value-stable token issued on Binance Chain, equaling the supply for one-year use of sanitary napkins for one girl. After receiving the “Pink Token” from Binance Charity, the girls could redeem sanitary napkins from local suppliers. Up until now, the initiative has attracted 47 organizations and benefited over 10,000 girls, with $200,000 raised on-chain.

The “Pink Token” initiative has innovatively realized the linked tracking of on-chain and off-chain funds, and was registered as a successful innovation case in Build Sustainable, Risk-resistant Medical, Health and Public Sanitation Infrastructure in the Belt and Road Countries, and Speed Up the Realization of Sustainable Development Goals of the United Nations.

At that time, Helen was sitting before me as an “industry shaper”, with “charity”, “public good” popping out of her mouth. This year after Wuhan’s fight against COVID-19, she has got herself another title – Executive Director of Binance Blockchain Research Institute China. From now on, she has more things to do beyond charity.

A Key Step for Binance Blockchain Research Institute China

On March 27th, 2020, Binance Blockchain Research Institute China was launched in (Shanghai) Lingang Innovation Galaxy and started cooperation with (Shanghai) Lingang Innovation Galaxy and Lingang Innovation Management Institute to promote the core technological research, industrial application development, industrial ecosystem building, talent cultivation and knowledge promotion for the development of blockchain technologies in China.

This represents a strategic step not only for the Institute but also for its long-term development in the future.

Firstly, the Institute is built on the strong research accumulation and system of Binance Group. In the past few years, Binance Research has published hundreds of research reports containing hundreds of thousands of words, which have been cited by highly authoritative media outlets, such as Bloomberg, Yahoo and Fortune Magazine. As one of the most influential blockchain research institutes in the world, historical accumulation has laid a solid foundation for the development of the Institute.

Secondly, Binance has established extensive partnerships. Binance is one of the largest blockchain ecosystems in the world. We have carried out or are in cooperation with hundreds of pioneering blockchain developer communities and academic research institutes (including MIT, Cornell, etc. ), and leads the world in the accumulation of use cases and knowledge network.

And finally, Binance has hands-on experience in blockchain development. Binance led the development of two high-performance public blockchains: Binance Chain and Binance Smart Chain. We have over 5,000 community members, more than 100 technical contributors, 63 project proposals, over 150 blockchain full-nodes, and $6 billion on-chain assets.

The Institute has been leveraging Binance Group to mobilize global industrial resources and feeding the industries around the world with blockchain technologies through both academic and technological research. “Such practical experience allows our research to be closely linked with the practice in the real world” , said Helen in the interview with ChainDD.

This year saw vigorous growth in the blockchain industry. In the “1024” speech delivered by President Xi Jinping, blockchain was elevated to the national strategic level as a core technology and a key breakthrough point of independent innovation and the acceleration of blockchain technological and industrial innovation development was called for; and in April, the National Development and Reform Committee included blockchain as part of the new infrastructure construction initiative.

Changes in policies have allowed greater room for the development of the blockchain industry. The market passion seemed to be ignited overnight, with local governments racing to issue supporting policies for this industry, hoping to be the first conqueror of the new digital economy highland. This proves to be an unprecedented opportunity for pioneers with years of experience in this industry.

Helen has her own thought on “hands-on experience”. The Yangtze River Delta is a super-large modern metropolitan area and one of the largest financial, manufacturing, commerce, supply chain and technological innovation centers around the globe. And blockchain is the core technology for the next-generation digital economy. Out of such historical and technical considerations, the Institute finally chose the Yangtze River Delta as its starting point.

 “The Yangtze River Delta is expected to become the largest and fastest-growing laboratory for blockchain application innovation. The Institute co-founded with (Shanghai) Lingang Innovation Galaxy and Lingang Innovation Management Institute is of strategic significance for the deployment of industrial blockchain in China.” Helen is so assured of their choice.

Integrate global resources and implement industry-university-research collaboration

Past experience mandates us to aid the development of the industries with research and boost their growth with technologies. Industry-university-research collaboration is even more important when it comes to such a transformative industry as blockchain that is still in its infancy.

However, in many cases, the industry-university-research collaboration was merely “production” with weak technological power and use cases, “study” not facing the real problem, and “research” totally isolated from the outside trends. Blockchain is a new mechanism characterized by high trust and high-efficiency collaboration. The market players should fully integrate the industry-university-research method with existing industrial advantages in considering the specific applications in the real world.

According to information ChainDD has obtained, the three-party collaboration among the Institute, (Shanghai) Lingang Innovation Galaxy and Lingang Innovation Management Institute is focused on three areas: first, research and innovation of core blockchain technologies; second, research of blockchain use cases in the manufacturing, supply chain, finance, commerce, medical and education industries based on the industrial development requirements in the Delta, especially as a cross-entity and cross-industry platform within and across industries; third, exploration of blockchain application in social governance and industrial regulation;

The three areas pinpoint existing social problems and meet the trend of blockchain industrial development. The key components include technical research and innovation, demanded and necessary use cases, cross-platform collaboration and social governance and regulation.

On June 12th, the Institute launched the “Spark Plan” to integrate global resources, respond to the call of the Chinese government, support SMEs with new technologies and techniques relying on main urban industrial parks, and empower the real industries with industrial technologies.

The “Spark Plan” has brought together 20+ top mentors from industries and investment organizations, including Don Tapscott, honorary president of Lingang Blockchain Industrial and Technological Research Institute and Professor in the digital economy, Meng Yan , Deputy Director of Digital Assets Research Institute, and Yuyi Wong, Professor in computer science from Swiss Federal Institute of Technology Zurich, etc.

Apart from expert mentorship and technical consultation, the Institute will also provide financial and technical support; as a connector of industries, it will provide core technical support for strengthened cooperation among universities, scientific research institutes and companies and talent cultivation; share ecosystem resources and integrate key elements to support ABCD innovation (AI, blockchain, cloud computing, and big data) and help job creation through start-ups; support SMEs, specialized funds and globalized resources, further promote ABCD cooperation and incubation mechanisms, and industry-capital matching, etc.

June 19th marks the one-year anniversary of the launch of on-chain assets anti-fraud system independently developed by Binance. The system facilitates the tracking of on-chain assets flow, with active tracing and automatic target locking when suspicious assets related to fraud, money-laundering, dark web, blackmailing, or theft flow into the platform, as well as cooperation with related regulators.  

So far, Binance has carried out exchanges and cooperation with local police in Hunan, Shandong, Liaoning and Henan Provinces, and has provided key data for analysis, evidence collection and fund tracking for judicial authorities in the handling of blockchain anti-fraud and stolen funds cases.

The Institute has also established strategic partnerships with Xinyuan Group to explore blockchain use cases in the real estate industry, and with Zhongshang Beidou to conduct innovative applied research in the supply chain + blockchain domain.

It can be learned that through the “Spark Plan”, the anti-fraud system, and other practices, Binance is integrating its technologies, researches, and industrial resources around the globe to better empower the application of industrial blockchain and advanced technologies alike.

Technology for good and charity for the future

At the “2020 University Cloud Forum on Blockchain Technology Innovation” co-organized by Tsinghua X-lab and the Digital Island, Kuang Qiying as the Deputy Secretary of Binance Blockchain Research Institute China, the Director of its public services department, and the Global Project Director of Binance Charity, shared the experience and results of the blockchain charity programs of Binance Charity.

The public services department is affiliated to the Institute, with its structural predecessor being BCF established in July 2018.

In the past two years, Binance Charity has been continuously pushing forward the “technology for good” cause, and has launched 20 international charity programs in just two years, with over 100,000 end beneficiaries, and has realized the on-chain tracking of around $10 million funds enabled by blockchain technologies.

In the very early stage of the pandemic this year, Binance Charity set aside 10 million to support Wuhan in combating COVID-19 and delivered global medical supplies to help those impacted swiftly. In the face of a global outbreak, Binance Charity launched an exclusive “crypto against COVID” initiative and has raised $4 million on-chain funds, providing over 1 million medical PPEs for 14 countries.

From the “Binance Children Plan” launched in Uganda, and the “Pink Token” for girls, to the global pandemic relief initiatives, Binance Charity’s experience in global practices has served as a model in the industry.

By establishing a public services department under the Institute, Binance Charity hopes to bring the global successful experience to China and continue to develop a blockchain charity model with Chinese characteristics.

 “We hope to create one successful case and then multiply it. Because a successful case will provide more thoughts, and encourage more actions. We have to be the ‘industry shaper’ and ensure that the technologies serve the mass, not the few.” Helen told ChainDD during the interview on July 1st, 2019.

The public services department of the Institute is also doing “multiplication”. It has launched a pilot program - a livelihood insurance donation plan, to discuss the application of blockchain technologies in directed insurance donation and other livelihood aid programs with large domestic insurance companies and local governments.

In the future, the public services department of the Institute will:

1) Provide blockchain-based solutions for charity efforts of the Chinese government, companies and social organizations, enhance charity transparency and donation efficiency;

2) Draw on international practices, continue to explore blockchain use cases in the charity domain, and promote the innovation of the social services industry in China;

3) Integrate global resources to help promote the sustainable development of China. The public services department of the Institute has established a pilot program - a livelihood insurance donation plan, to discuss the application of blockchain technologies in directed insurance donation and other livelihood aid programs with large domestic insurance companies and local governments.

New responsibilities of the Institute

On June 16th, Binance Blockchain Research Institute China officially joined the action platform initiated by United Nations Global Compact, aiming to “provide sustainable infrastructure for ‘One Belt One Road’ construction, and accelerate progress towards UN Sustainable Development Goals”. So far, 15 leading enterprises and organization partners, including the National Development Bank, Sinopec, and SGCC have joined the action platform.

 “Binance has been dedicated to improving the efficiency of charity aids and medical services in undeveloped areas leveraging the power of digital technologies. With the action platform, Binance will be able to shoulder its corporate social responsibilities, help improve the overall medical services level along the Belt and Road, which covers 60% of the world population, and empower the sustainable development of these regions.” said Helen.

Blockchain, the Belt and Road Initiative, the Spark Plan, international charity efforts…… the Institute is back-feeding the industrial development in China with its global advantages and is ready to tell the stories of China to the world. The “industry shaper”, who had been repeatedly mentioned before, is now beginning to feel the weight of leadership and historic responsibilities on her shoulders.

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