The office building of WHIIID in OVC. [Photo/WeChat account of Optics Valley of China]

The blockchain industrial research institute of the Wuhan Institute of Industrial Innovation and Development (WHIIID) began trial operation on Sept 10, just after Wuhan was designated a national blockchain development pilot area.

WHIIID is located in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC).

Blockchain technology has become a major driver of the digital economy. Experts believe that formulating relevant research and service platforms for blockchain technologies and accelerating the commercialization and industrial application of related technological achievements are in line with the key industrial development interests of both Wuhan and WHIIID.

The institute is expected to conduct prospective industrial studies, incubate new technologies and products, and foster related industries. It will be jointly constructed by WHIIID, Wuhan University, the Wuhan Blockchain Association, Wuhan Lingsheng Wongchain Tech Co, and other units.

Founded in 2018, Lingsheng Wongchain is an advanced domestic blockchain product and application-oriented solutions provider. The "blockchain + real estate" tax governance platform was put into use in March 2021.

The research institute has stored a number of high-quality transferrable projects covering digital governments, new-type information consumption, certificate tracing, digital finance and the metaverse. In addition, it will be devoted to integrating the blockchain with artificial intelligence, big data, and internet of things.

To run the institute, WHIIID will also leverage capital from all sides to financially assist the project commercialization process.