Consensus Systems (ConsenSys) Global Business Development Director Andrew Keys and the Ethereum Foundation attended the recent Global Blockchain Financial Summit in Hangzhou (People’s Republic of China). Mr. Keys and the Foundation delegates visited different regions and urban centers in this country that contribute to the acceleration of the Ethereum’s market and industry.
ConsenSys creates decentralized apps (DAPPS) Blockchain ecosystem tools for developers and end-users that focus on Ethereum. On the other hand, Ethereum Foundation promotes and supports efforts in education, research and development of protocols and tools that can help developers produce more sophisticated DAPPS. The ultimate goal of said Foundation is to come up with free, more accessible and reliable Internet all over the world.
The group found out that many reputable organizations and institutions which included government-owned corporations as well as academic institutes Like Peking University in Beijing are very aggressive in building apps and platforms above Ethereum Protocol. In fact, the prominent research university established a center dedicated to developing and implementing Ethereum apps.
According to Keys, The Ethereum Lab is building protocol improvements and use cases for apps that impact China in terms of supply chain and energy marketplaces. The joint team likewise toured Royal Chinese Mint, among the principal units of China Banknote Printing and Minting. The latter allocates its resources and assigned developers to digitize the national currency (YUAN or RENMINBI) with Ethereum tokens.
This dynamic development being performed by a state-operated and government-financed entity is considered essential to the approved use of ETH all over China. The main reason is it authorizes the Chinese network and encourages enterprises to research and use Ethereum. The ConsenSys executive acknowledged that Royal Chinese Mint is conducting experiments with ETH smart contracts and ERC-20 standard tokens.
Promotion of ETH
Educational and financial bodies are not