Tuesday, July 23, 2024

    China to Meet With Australia to Deploy Blockchain Technology Commercially

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    A delegation of top-level Chinese technology executives is visiting Australia this week to explore the future and implementation of blockchain into industry.

    Australia Hosts First Blockchain Meeting

    The delegation which is made up of the elite of China’s Fintech companies including Senior managers from Ant Financial, WeBank, JD.com, ZhongAn, Wanxiang and OnChain.

    The group is being led by Ming Li, director of the China Electronics Standardisation Institute, which has responsibility for setting blockchain industry standards under China’s Ministry of Industry and Information Technology.

    The delegation is set to explore developments in global blockchain standards where Australia is taking a lead role by hosting the first international blockchain standards meeting for the “ISO/TC 307” group next month, chaired by Westpac Banking Corp director Craig Dunn.

    The delegation is tasked with both exploring the next step in blockchain architecture that will be the basis of “the internet of value” and to send the message that China will be aggressive in implementing this technology.

    China wants Blockchain Not Bitcoin

    As Chinese companies go proactively into the future of blockchain technology the government continues to express its dislike of cryptocurrency.

    Once home to the majority of the worlds cryptomarket activity the Chinese government began cracking down on trading digital currency and the release of ICO’s.

    Zhou Xiaochuan governor of the Peoples Bank of China (PBOC) spoke this week about the Banks official stance of nonrecognition of cryptocurrency and plans to ramp up regulation of both the trade and companys launching ICO’s.

    We don’t like cryptocurrency products that make huge opportunity for speculation that gives people the illusion of getting rich overnight.

    Zhou went to say that cryptocurrencies are inevitable but that they had strayed from the useful path of being a secure and safe way to quickly and easily move money.

    That they are now used by people as a get rich quick scheme that can end up costing people their life savings.

    Local news outlets interpreted his speech as possibly the first move to creating a nationally backed cryptocurrency. Zhou ended with hopes that public and private agencies can partner together for further research and development.

    Later the same day the founder of Okcoin made a statement over social media that the company was ready to work with the government.

    Despite the regulations of Bitcoin and like alt currencies there are more than 150 blockchain-enabled companies in China. This may seem ironic as blockchain was developed to allow people to anonymously buy and sell what they wish thus circumnavigating government control.

    However, blockchain can also be set up to allow a government full visibility of transactions across the network.

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