The giant has finally woken up; China has entered the blockchain race. Apart from the banking consortium and the Hyperledger project that have respectively brought the banking sector and tech companies together, we now have one more blockchain alliance, originating from China.
China is already playing an important role in the global economy, bitcoin mining, and even the global power balance. Now, with the blockchain alliance, the country will be innovating on par with other international players, except that the innovations may be more region specific than being on a global scale.
The Chinese blockchain alliance, nicknamed ChinaLedger has been created to develop and implement the distributed ledger technology into the country’s financial machinery. The alliance, led by Wanxiang Blockchain Labs consists of 11 regional commodity exchanges, equity exchanges, and financial asset exchanges, reports NASDAQ .
One of the main priorities of the alliance is to create an open source blockchain protocol that can be used as a foundation by the developers to build applications over it. The ChinaLedger project will include Internet Securities Commission of the Securities Association of China in an advisory role. The commission is directly under the control of the China Securities Regulatory Commission .
According to reports, the ChinaLedger project has some of the leading digital currency and blockchain experts extending their support. Some of the recognizable names include Jeff Garzik of the Bloq fame, Tim Swanson from R3CEV and Vitalik Buterin, the founder of Ethereum, a blockchain based smart contracts platform. Again, they will be working in advisory roles as well.
Blockchain technology has already proven to be useful in the fintech sector. By using the same distributed ledger technology, the banking industry intends to increase their operational efficiency. The technology will enable the banks to process international transactions in a matter of minutes. Similarly, the smart contract […]
