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China Blockchain Ecosystem Alliance Aims to Speed up DLT Adoption in China

by on November 16, 2017
 

China is a very interesting country when it comes to newer technologies. The local government has no love lost for cryptocurrency but sees a bright future for blockchain. In fact, the China Blockchain Ecosystem Alliance is designed to make some big waves over the next few years. Its main focus is on incubation, acceleration, and proliferation of blockchain technology adoption across the country. Both private and state industries will work together to make this vision come true.

When it comes to initiatives like these, everything’s bigger in China. More specifically, the China Blockchain Ecosystem Alliance is far bigger than most people think. This new alliance will focus on a nationwide approach to promoting blockchain technology. The initiative has plenty of government support, which is an important first step. It seems tech innovations, educational institutions, and financial entities are also on board. It will be interesting to see how this venture plays out in the coming years.

China Blockchain Ecosystem Alliance is a Major Project

Creating general standards for China’s nascent blockchain industry will be a big challenge. It requires a lot of collaboration across different industries, to say the least. So far, the China Blockchain Ecosystem Alliance appears to be on the right track. There is still a lot of work to be done, though. One of the first steps involves creating a vertical media system to facilitate information exchange on a global scale. It sounds like a mouthful, but it will help solidify this technology across all different industries.

So far, over 100 institutions have signed up for this initiative. This includes China Software Industry Association, Unifive, and China Minsheng Bank, among others. It is fairly obvious all of these entities are excited about the future of blockchain. The China Blockchain Ecosystem Alliance is of great interest to a lot of people, for obvious reasons. The emphasis is on rapid analysis and promotion of advanced technology. Blockchain is still in the very early stages right now, and a lot of progress can be made in quick succession.

Right now, the blockchain industry in China still has big challenges to overcome. More specifically, policy research, standard-setting, application promotion, and media communication are all critical aspects. All of these aspects have plenty of room for improvements, to say the least. How this will be achieved, remains to be determined, though. Given the lack of communication right now, it is hard to gauge how things will evolve. It is an exciting project, though. The China Blockchain Ecosystem Alliance is a force to be reckoned with.

Header image courtesy of Shutterstock

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