The Chinese government will finance the creation of a public blockchain infrastructure platform for the global One Belt, One Road project. Objective: to promote the expansion of international economic cooperation with countries along the ancient routes of the Silk Road.

The blockchain platform should be called “Belt and Road” and ensure transparency, efficiency and security of cross-border payments. To meet the needs of international cooperation, officials plan that some of the infrastructure elements of the new blockchain structure will support the deployment in participating countries of the Belt and Road Initiative.

The development of the project was entrusted to Conflux Network, a company specializing in preparing solutions for using the capabilities of blockchain technology in real life. Technological and methodological support for the project will be provided by the Shanghai Blockchain Research Institute, the Tree-Graph Blockchain Research Institute, the Chinese Academy of Information and Communications Technology, as well as Shanghai Jiao Tong University, Fudan University and Shanghai Maritime University.

Earlier, Blockzeit reported that double standards regarding players in the cryptocurrency industry in the domestic and foreign markets allow China to achieve strategic success and dream of global dominance.