Last week, blockchain innovation firm R Fintech and the Jiangsu Huaxin Blockchain Research Institute (JBI), China’s official institution for blockchain development, signed an agreement to collaborate on the development of innovations like distributed computing and quantum cryptography to revolutionize the next generation of distributed ledger technology (DLT) protocols.
The two organizations have also agreed to collaborate on the distribution and commercialization of Bilur, an ERC20 token with value pegged to oil. Bilur seeks to revolutionize the cryptocurrency market by offering a less volatile alternative currency that is backed by stored energy assets. One Bilur equals one TOE (ton of oil equivalent) or 11.6 MWh of energy. To calculate this, R Fintech referenced S&P Global Platts’ Dated Brent Price Assessment. According to R Fintech’s COO, Agustín Muñoz, the partnership creates a tremendous opportunity for the token.
The announcement by R Fintech and JBI coincides with other innovative undertakings currently happening in China. In June, Chinese officials announced details of a plan to reform the country’s financial sector by improving IT infrastructure for Chinese financial service firms. In March, the Chinese Ministry of Industry and Information Technology, with major Chinese industry leaders, submitted a proposal for a blockchain framework for Internet of Things devices called the “Blockchain of Things” or BoT.