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The business school in Hong Kong, University of Science and Technology, was donated $ 20 million for the search for blockchain technology and potential improvements in the security of the electronic payment system, Reports on Cryptocoin .
Professor Tan Jiayin will lead the research and focus on the blockchain itself. As cryptocurrencies will be widely involved in the project, Jiayin has encouraged banks to participate in the research.
Cryptocoin reports that the Hong Kong government has decided to reduce time and human resources in the financial sector last year, hoping to mitigate the risk of fraud and fraud. To do so, a plan was announced for a new commercial financing system based on blockchain. The system should help the country participate in the Belt and Road initiative and improve trade links between its partners around the world.