Chinese Blockchain Alliance Established By Guangzhou, Hong Kong And Macao

Blockchain, News | November 12, 2018 By:

A new blockchain alliance has been established in China to promote the development of blockchain technology in the country.

Called Guangdong, Hong Kong and Macao Dawan District Blockchain Alliance, the new group was initiated by the Guangzhou City Blockchain Industry Association, the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center. The first batch of 54 member companies came from Guangdong, Hong Kong and Macao, covering many areas of blockchain, such as technology, fund, incubation and trading.

The alliance will be developing four blockchain platforms, including the blockchain general development platform, blockchain “double creation” platform, blockchain technology innovation platform and blockchain industry service platform. The platforms will be based on the key application fields and directions of the development of the blockchain industry in Guangdong, Hong Kong and Macao.

Wang Junwen, president of the Hong Kong Blockchain Industry Association, said that the association will be responsible for blockchain development in the sectors of trading, finance, exchanges, and insurance policy. He added they hope to “draw on the first-mover advantage of Hong Kong in the financial sector to bring lessons to the alliance.”

Yan Zhihong, director of the Innovation Center of the University of Macau, said that they will help the new group implement blockchain technology in the areas of education, health, tourism, and logistics.

“Macao attaches great importance to the development of the blockchain industry and has included blockchain technology as an important supporting technology for the construction of smart cities in the five-year plan of Macao,” Zhihong said.

Earlier this year, the Shenzhen Central sub-branch of the People’s Bank of China created a blockchain platform aimed at conducting trade and financing activities, including accounts receivable and trade financing, while providing a regulatory system to enable real-time monitoring of various financial activities. The plalform is an “open financial and trade ecosystem based on the Guangdong, Hong Kong, and Macau Bay Area,” and will link a network of financial organizations that include China Construction Bank, China Merchants Bank, Ping An Bank, Standard Ch