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HKUST establishes DLT-focused joint lab

Image Credits: HKUST, Press Release

The Hong Kong University of Science and Technology (HKUST) and a Chinese multinational technology company announced the establishment of the Joint Laboratory on Blockchain Technology (the Joint Lab).

The Joint Lab aims to develop cutting-edge and influential blockchain technologies that are applicable to various industries and establish a high-performance blockchain ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area.

A signing ceremony was held on HKUST campus, marking the official launch of the Joint Lab and research collaboration.

The Dean of Engineering of HKUST and the Chief Engineer of ThunderChain at the tech firm signed the collaborative agreement.

Leveraging on HKUST’s strong research capabilities and the tech firm’s solid industry experience, a series of blockchain technology initiatives and development will be carried out under the Joint Lab.

Key research topics include consensus algorithm, cryptography and data protection. With the tech firm’s infrastructure support of ThunderChain and Thunder Chain File System (TCFS), HKUST’s world-class researchers and the firm’s technology experts will work together to improve existing consensus algorithm and explore brand new model, enabling individual users to share idle computing resources with small-sized hardware while establishing an overall blockchain system with higher security level so as to achieve sharing economy of computing network.

Another joint research project is to develop an encryption program that is applied to blockchain technology. This program will offer efficient and practical solutions for the third party to process data without accessing sensitive information to improve data privacy. The research team will also study other perspectives of blockchain technology to promote applications across wider sectors including cloud computing, new retail, supply chain, healthcare and philanthropy.

The Chief Executive Officer of the tech firm stated that the partnership will enable the exploration of blockchain tech and the translation of insights into impactful applications, together contributing to technological and economic development.

Moreover, it is hoped that the youth will join in this endeavour to make blockchain technology widely used and working for a better future.

HKUST engages actively at the forefront of emerging technologies, and blockchain is one of them. This collaboration will combine research strengths of the University and enterprise to bolster technology innovation and development in blockchain, fostering ground-breaking research and technology transfer, according to the Vice-President for Research and Development of HKUST.

The HKUST Dean of Engineering stated that the joint lab will not only facilitate academic exchange and industry collaboration, but it will also bring more learning opportunities for our students to equip with the advanced blockchain technologies and knowledge, contributing to the development of future technology talent.

Blockchain is one of the most revolutionary technologies in recent years that has great potential in making a transformative difference to the industries. The tech firm is one of the leading internet companies exploring and developing blockchain technology in China.

HKUST endeavours to provide a strong and highly visible leadership role in big data and data science research in Hong Kong and the world through multidisciplinary collaborative research projects and partnerships with the industry.

The Joint Lab seeks to bring economic and social benefits to society through its high-impact translational research and innovative applications on blockchain technology.

The partnering firm was founded in 2003, is a leading innovator in shared cloud computing and blockchain technology. The company provides a wide range of products and services across cloud acceleration, blockchain, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

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