Hong Kong-based business school, University of Science and Technology, was donated $20 million to research blockchain technology and potential improvements in electronic payment system security, Cryptocoin reports.
Professor Tan Jiayin will lead the research and will focus on blockchain itself. Since cryptocurrencies will be largely involved in the project, Jiayin has encouraged banks to participate in the research.
Cryptocoin reports that the government of Hong Kong set out to reduce time and human resources in the finance industry last year, hoping to mitigate the risk of scams and frauds. In order to do so, plans for a new trade financing system powered by blockchain was announced. The system is expected to help the country participate in a Belt and Road initiative and improve trade links between its partners around the world.