According to a recent press release, the Research Institute of Information Technology (RIIT) of Tsinghua University (THU) in China has entered into a partnership with a subsidiary of the nation's top institutional financial firm. The partnership aims to establish a research center that will study the blockchain and its possible applications. Information released by the university shows that the RIIT has entered into a partnership with Sheng Ying Xin Management Consulting Co., Ltd., which is a company currently being managed by China's Internet Nationwide Financial Services (CIFS). The goal of the partnership is to bring the two organizations together so they can carry out advanced research on blockchain-related technologies and create models for enterprise-level applications that can be useful in a wide range of industries. By conducting research and developing applications that take advantage of the blockchain, both partners hope to find solutions to the many challenges that Chinese companies are facing in the modern world. It is hoped that introducing the blockchain into China's industries will results in better transparency and traceability, especially when it comes to supply chains and logistics. The blockchain is also expected to have numerous applications in pharmaceutical production, as well as agriculture. According to Jianxin Lin, CIFS's CEO and Chairman, this agreement shows that the company is making a bold move in a new direction. He said that it shows that the company's business strategy is evolving from just providing conventional financial services to a focus on fintech. He added that he believes fintech will be responsible for the next phase of their growth. Tsinghua University's leadership has also expressed optimism about the partnership agreement. Bin Yang, THU's Vice President, said that blockchain applications are becoming part of the national strategy in many nations around the world. He also believes that blockchain-based technology will help speed up China's economic transition and help develop higher industry standards. He expressed confidence that distributed ledger technology will lead to many positive impacts on Chinese society.