Blockchain Research Lab to Combat Financial Fraud in Shenzhen

A group of think tanks and universities are co-launching a new blockchain research lab in Shenzhen, China.

Opened on June 26th, the research lab is a collaborative initiative that includes participation from the Chinese Academy of Sciences, the Shenzhen Institutes of Advanced Technology and Zhaolian Finance, one of the largest companies in China's consumer finance industry.

According to the announcement, the new research lab will focus on using the technology to combat fraud, an issue those involved attribute to 50% of the losses in the consumer finance industry. The lab seeks to apply technologies such as blockchain, machine learning and AI to identify and prevent such instances.

All in all, it's the latest sign out of China that incumbent businesses are beefing up blockchain research efforts.

The last year has seen a number of blockchain consortia emerge, including those based in Shanghai, Shenzhen and Beijing, that aim to drive collective trials of the tech.

Shenzhen cityscape image via Shutterstock