China Joins the Blockchain Race With ChinaLedger Alliance

China has decided to start its own distributed ledger alliance, calling it ChinaLedger, the resulting blockchain platform will be used by the Chinese fintech sector. 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,....

ChinaLedger, the blockchain alliance led by Wanxiang Blockchain Labs, released its first white paper to provide technical specifications of its technology and the vision of the alliance going forward. The official document, entitled “Whitepaper of Distributed Ledger for Applications in Chinese Capital Market,” describes the role ChinaLedger will play in the development and commercialization of blockchains in China. The alliance will specifically address various regulatory conflicts and work with its 11 regional commodity exchanges to establish a nationwide standard for the implementation....

The Chinese government has created a blockchain working group of government and blockchain industries to fast-forward the development and adoption of blockchain technology and prepare for the upcoming Global Blockchain Summit in Shanghai this September. The three-way strategic alliance among the Chinese government, ChinaLedger and the Shenzhen Consortium forms an unprecedented organized force, mandated to grow China’s blockchain industry and propel it forward on a global level. Wanxiang Blockchain Labs, Ant Financial, Webank, Universal Holdings, Ping An Insurance and Micro Focus Bank are....

China’s Securities Regulatory Commission (CSRC) will promote a national alliance chain to introduce smart contracts and blockchain-based services to digitize the securities and futures market. The announcement was made at the China Securities Industry Alliance Chain and OTC Alliance Chain Special Work Symposium in Beijing. Jiang Dongxing, deputy director of the Science and Technology Regulatory Bureau of the CSRC, stated this digitization is key for the future of the industry. China Aims to Digitize Financial Markets Using Blockchain The China Securities Regulatory....

Juzhen Financials plans to launch its own blockchain tech for banks in 2017. The largest China-based blockchain startup, Shanghai-based Juzhen raised $23m in September 2016 to target a similar demographic to Western startups Digital Asset Holdings and R3CEV. Since then, Juzhen has been actively working with the ChinaLedger blockchain consortium, as well as paying attention to developments from the West, including, its representatives said, the launch of Hyperledger's Fabric and R3's Corda products. Ada Xiao, Juzhen's director of overseas marketing, told CoinDesk: "We are designing our....