Chinese Auto Giant Starts $50M Blockchain Tech Initiative
Wanxiang Group, one of the largest automobile conglomerates in China, has announced its plans to invest in blockchain tech to the tune of $50 million. The company has reportedly purchased 416,000 ETH tokens on the Ethereum blockchain, confirmed by the company's managing director Chao Deng. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Blockchain Tech Development. Indeed blockchain tech has been at the front and center of the latest cryptocurrency....
Related News
Chinese conglomerate Wanxiang Group, best known as one of the nation's largest auto parts manufacturers, is investing in blockchain technology through two new initiatives. First hinted at in a blog post by Ethereum creator Vitalik Buterin, Chao Deng, managing director at Wanxiang-owned subsidiary DataYes, confirmed that the company had completed a purchase of 416,000 ETH, the native token on the Ethereum blockchain, in an total investment of $500,000. The investment, however, is just the first step in a multi-pronged plan that includes establishing two entities dedicated to promoting....
Global tech giant IBM took its latest step in leveraging its existing brand power to position itself as an enterprise blockchain solutions leader today, appearing at the The Block Chain Conference in San Francisco. There, IBM’s Global Blockchain Offering Director John Wolpert gave a keynote speech, his half hour talk covering the deficiencies in the approaches being taken by today’s blockchain developers and why he believes a more collaborative approach is needed to bring the tech to market. The talk follows the news that IBM is participating in the Hyperledger Project, an open-source....
Bank technology provider Sinodata opened the second annual Global Blockchain Summit this week with the announcement that it seeking to collaborate with blockchain startups. The Beijing-based software development firm was the first of several major Chinese companies set to take the stage at the event, which will see participation from firms including Tencent-backed Webank, auto giant Wanxiang and blockchain consortium ChinaLedger. In remarks today, Sinodata chairman Yedong Zhu discussed how it is seeking to build an ecosystem of Internet-based financial applications, and that it believes....
The price of bitcoin is undoubtedly volatile, and the enormous swings in price, both up and down, can be difficult to analyze and even harder to predict. A lot of what happens in bitcoinland is wildly unexpected; here are some of those unexpected but very possible events that could trigger monumental price surges in 2016. Apple Integrates Bitcoin Into Apple Pay. The Chinese Incentive. China in many ways (not least through mining), is home to bitcoin and Chinese investment has been widely recognized as the leading factor in many of the recent price rallies. And if there is one market in the....
Auto giant Wanxiang announced today that it will use blockchain technology as part of its newly announced smart cities initiative. Revealed at the Wanxiang-sponsored Global Blockchain Summit, the company intends to invest ¥200bn ($30bn) over the next seven years into a project that will find it purchasing 83 million square feet of land in Hangzhou on which it will build a new development designed to promote technology innovations. To better support this effort, Wanxiang is also seeking to fund blockchain entrepreneurs working on efforts that may be aligned with its objectives. Wanxiang....