Chinese co-working giant Ucommune has set up its first blockchain research lab, marking its official foray into the blockchain space,

The inauguration ceremony was held in Beijing on Monday. Ucommune said that it is initiating a blockchain platform for its community members to build their blockchain solutions upon. In addition, they will develop innovative blockchain solutions for co-working spaces on the blockchain platform.

"Our foray into blockchain reflects Ucommune's commitment in providing decentralised and trusted services to our growing and diversifying community member base. The new lab will conduct in-depth research on blockchain application for coworking and develop a whitepaper that sets the industry benchmark. We are also leveraging blockchain for custom-made solutions to better serve our millennials members," said Ma Zhiyu, Director of the Ucommune Blockchain Lab.

Zhiyu seeks to bring blockchain technology to areas such as healthcare, big data, blockchain sourcing, sport gaming, celebrity IP and copyright training applications and has founded a blockchain lab named Astar. Ucommune's CTO, Mr. Xu Binchao will join him on the blockchain development.

"Ucommune Blockchain Lab aims to enable and empower a trust-based virtual network that helps businesses of varied sizes to collaborate, source and trade efficiently and transparently," said Binchao.

Founded in 2015, Ucommune has its presence in 160 locations from 36 cities globally. It connects 120,000 individual members and 7000 corporate members with a total space of 400,000 square metres.