The China's first laboratory on digital currency is launched at the 2018 Blockchain New Economy Hangzhou Summit in Hangzhou, Zhejiang province, on Nov 19. [Photo/zjol.com.cn]

China's first International Telecommunication Union laboratory on digital currency, a joint venture between The Digital Fiat Currency Institute and Stanford University, was launched at the 2018 Blockchain New Economy Hangzhou Summit, Zhejiang province, on Nov 19.

Located in the China Hangzhou Blockchain Industrial Park in Yuhang district, the laboratory, the first of its kind in China, is a professional research institute specializing in the investigating and testing of interoperability and the security of digital fiat currency.

It is expected to provide world leading technical support in financial technology and digital security for China's telecommunication and internet companies, so as to give a boost to the industry's development.

Serving as a startup incubator, the China Hangzhou Blockchain Industrial Park is aimed at luring global high-end blockchain businesses and projects as well as to cultivate more unicorn companies in the industry.

A total of 10 blockchain technology projects were successfully contracted in the park at the summit.

Over the years, Hangzhou has emerged as a pioneer in the development of the national blockchain industry with a cluster of industry giants and emerging companies, including NetEase, Ant Financial and Wanxiang Blockchain Labs.

The 2018 Blockchain New Economy Hangzhou Summit takes place in Hangzhou, Zhejiang province, on Nov 19. [Photo/zjol.com.cn]

The China Hangzhou Blockchain Industrial Park is located in Yuhang district of Hangzhou, Zhejiang province. [Photo/zjol.com.cn]