An artist's impression of a Future Sci-Tech City development in Hangzhou, China. Photo; Future Sci-Tech City

A $1.5-billion blockchain research project was launched yesterday at China’s Hangzhou Blockchain Industrial Park, reports sohu.com.

The Zhejiang Xiongan Blockchain Strategic Development Research Institute is a joint investment initiative by the local Yuhang District Government, the Future Sci-Tech City – operator of the industrial park – and fund-manager Hangzhou Yanqi Investment Management Company.

Approximately 30% of the initial investment fund was put up by the local Yuhang government.

In March, another government body, the China Investment Association, “a national social organization registered with the Ministry of Civil Affairs,” said at a Fin Tech summit – also in Hangzhou – that it was launching a similar-sounding “International Blockchain Investment and Development Center.”

A month later, however, it was announced that the project had been suspended because it violated a policy prohibiting “social groups from being represented by subsidiary organizations.”

The Hangzhou Blockchain Industrial Park is housed in the ambitious Future Sci-Tech City complex that says it is a centre “for global technology entrepreneurship” and has a goal of creating “an international innovation ecosystem for local entrepreneurs to grow businesses in”.

The Future Sci-Tech City complex is a partnership between the local district government and e-commerce giant Alibaba. The city of Hangzhou, which is 175 kilometers southwest of Shanghai, is the birthplace of Alibaba Group and is currently experiencing an economic and development boom in the high-tech and software sectors.

Hangzhou Blockchain Industrial Park, and also the research project, were both launched at an event at Future Sci-Tech City on Monday.

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