Over 30 technology and financial companies in China formed a consortium, focused on blockchain tech. Some of the companies are well-known to the public, as Chinese financial services firm Ping An Bank and Tencent subsidiary, the QQ instant message app maker.
Meeting of the companies was hel on May 31, 2016, in Shenzen under the name the Financial Blockchain Shenzhen Consortium. These companies were able to form a unified group to explore applications in the blockchain technology together. Ping An is already a member of another group, the R3-led consortium with global scale.
The 31-member group consists of a wide-range group of finance and tech entities. As for the areas of the major focus of its members, there are subject working with capital markets technology, securities exchange, trading platforms, life insurance or banking – so simply alle the financial-related areas, where the blockchain tech maybe applied.
As for the purposes of the consortium, the members see it as a group providing and supporting communication and information-sharing among them, collaboration on research and the creation of group-wide blockchain projects focused on finance use cases.
One of the major plans is also to develop of a prototype for a securities trade platform and services for offering credit, digital asset registry and invoice management.
The May meeting discussed election of major officials of the established consortium and the basic structure of it. It includes joint task forces, specialized on different areas of research and proof-of-concept development.
Thus this Chinese blockchain consortium becomes the second existing in China. The ChinaLedger Alliance is supported by a nonprofit research outfit Wanxiang Blockchain Labs with people like the ethereum creator Vitalik Buterin or R3 researcher Tim Swanson as advisors.
China is becoming one of the most important countries related to blockchain technology, what we could see in connection with the recent expansion of payments startup Circle and the pending acquisition of bitcoin mining chip seller Canaan (Avalon).
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