Shanghai Maritime University, Conflux set up 'super' blockchain research lab
A blockchain research lab, established by the Shanghai Maritime University and local startup Conflux, opened on Wednesday in the Lingang Special Area to help Shanghai build itself as a global finance and shipping center.
The center, the first of its kind in the city, will boost blockchain applications in Lingang in the Pudong New Area and in offshore yuan transactions.
A blockchain is a decentralized and digital ledger consisting of records called blocks that is used to record transactions and services.
The Conflux blockchain can deal with 3,000 transactions a second and finish deal confirmation within 23 seconds.
Its much more efficient than the traditional bank system and 428 times faster than other blockchain networks such as Bitcoin.
It will be used widely in business and government sectors, said Long Fan, head and founder of Conflux.
The lab's test and applications are regulated.
The university's rich talent and technology resources, covering shipping, global trade and finance, will help the lab's development and support the city's digital transformation, said the Shanghai Maritime University.
Shanghai wants to establish a leading Chinese blockchain ecosystem boasting talent and innovation.
Blockchain development is a city-level strategy. Shanghai is home to 400 firms involved in blockchain business or services, covering the fintech, air transport, supply chain and e-governance sectors.