Chinese Government Explores Digital Currency Technology with the Blockchain Working Group

By August 23, 2016Bitcoin Business
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The Chinese government, in an attempt to keep up with the rapidly changing tech scenario, has announced the creation of a Blockchain Working Group. Through this working group, the Dragon state intends to forge strategic alliances with digital currency technology related businesses to accelerate the development and implementation of blockchain technology.

The creation of Chinese Blockchain Working Group coincides with the preparation for upcoming Global Blockchain Summit scheduled to take place next month in Shanghai. Members of this group include the Chinese Government, ChinaLedger and the Shenzhen Consortium along with companies like Wanxiang Blockchain Labs, Ant Financial, Webank, Universal Holdings, Ping An Insurance and Micro Focus Bank.

ChinaLedger, one of the members of the working group is a consortium of 11 regional commodities, equity, and financial asset exchanges. The consortium has been working on development and standardization of blockchain applications for the country’s fintech industry under the guidance of Internet Securities Commission of the Securities Association. Some prominent members of the advisory board of ChinaLedger include Bloq’s Jeff Garzik, Ethereum’s Vitalik Buterin, Tim Swanson from R3CEV and Jaxx’s Anthony Di Iorio.

According to reports, the working group will monitor trends in both domestic and international blockchain technology sector and pick the most suitable ones for implementation at a local level. However, the implementation of distributed ledger technology in China may be completely different from that of other Western countries depending upon their needs and requirements. The Blockchain Working Group is also expected to play a vital role in framing regulations for blockchain industry in China.

It is speculated that the Chinese Government is considering the possibility of creating its own cryptocurrency. The country is already one of the leading contributors to Bitcoin network. Miners from China are currently supplying more than 50 percent of the total hashing power. By actively pursuing blockchain technology, China may as well become the first country to implement distributed ledger technology on a large scale.

Few other notable Blockchain alliances across the world include R3 Blockchain Consortium, HyperLedger Project, and the Russian Blockchain Consortium.

Ref: Forklog | Image: NewsBTC

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