China Forms Alliance to Fast-Track Blockchain Development

China Forms Alliance to Fast-Track Blockchain Development

China’s state-backed blockchain alliances features big cryptocurrency and financial companies. One of the first name brands to join the ‘Blockchain Services Network Alliance’ (BSN) is Huobi China.

Huobi China, which is a part of global bitcoin and crypto exchange conglomerate Huobi Group, revealed its participation at the Blockchain Service Network Partner Conference.

The company’s Chinese-based operations do not include the trading of cryptocurrency. “It is not an exchange. It is a fully compliant legal entity in China doing blockchain education and blockchain solutions for large corporations, solely focused on blockchain technology, said Ciara Sun, chief of staff of Huobi Group.

The purpose of the alliance could be to develop and implement a national blockchain service infrastructure that spans across public networks, regions, and institutions, according to Chinese media outlet Xinhua.

“The blockchain service network can effectively reduce the threshold of blockchain application and facilitate the rapid promotion and application of blockchain technology,” said Lin Yunan, director of the NIC.

Weizhong Bank, China Telecom, China UnionPay, and China Merchants Bank are also members. According to Sina Finance, the Chinese government invited Huobi. The alliance will provide blockchain training and research towards the development of blockchain solutions.

BSN is reportedly after a rapid deployment of blockchain technology across Chinese industries as the foundation of a digital economy, with the potential to streamline operations, maintenance, and reduce costs.

“BSN, as a global infrastructure network, is creating a common blockchain underlying technology service platform to serve the construction of new smart cities and the development of the digital economy,” reported Sina Finance.

Sun said of Huobi’s efforts in China: “Because of President Xi’s remarks towards the blockchain industry, we are focusing a lot on expanding Huobi China. Huobi University is now doing a hundred educational sessions to government officials and large conferences across China. We are also publishing blockchain learning materials and books.”

According to Sun, Facebook’s Libra led China to increase and speed up its blockchain efforts.“Libra has very unique position in this industry because it attracts a lot of attention from traditional markets and governments. I think it helped with expediting the blockchain process in China. However, I was surprised to see that China is moving so fast. I think it’s a great national strategy to implement blockchain technology.”


Precious Metals Data, Currency Data , Precious Metals Automated Product Pricing Powered by nFusion Solutions