New Chinese Blockchain Alliance Plans Development of Four Finance-Oriented Platforms

The "Guangdong, Hong Kong and Macao Dawan District Blockchain Alliance" has been established to promote synergy and innovation and jointly promote the development of the blockchain technology, China News, the official state-run press agency, reported Nov. 9.

The newly established alliance - initiated by the Guangzhou City Blockchain Industry Association, the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center - involves 54 different companies and covers blockchain technology in such areas as funds, finances, and trading.

The headquarter of the coalition will be located in Guangzhou Development Zone, one of the first national economic development zones in China.

"The alliance will promote the blockchain general development platform, blockchain 'double creation' platform, blockchain technology innovation platform and blockchain industry service platform based on the key application fields and directions of the development of blockchain industry in Guangdong, Hong Kong and Macao."

The Hong Kong Blockchain Industry Association will be responsible for blockchain development in the sectors of trading, finance, exchanges, and insurance policy, while the Innovation Center of the University of Macau will develop blockchain tech implementation in the areas of education, health, tourism, and logistics.

Back to September, Cointelegraph reported on the creation of a new trade and finance blockchain platform, titled the "Guangdong, Hong Kong and Macao Dawan District Trade Finance Blockchain Platform," that is backed by the national central bank, the People's Bank of China.

Previously this fall, the Chinese central bank officially launched the testing phase of the "Bay Area Trade Finance Blockchain Platform" aimed at conducting trade activities, such as accounts receivable and trade financing, Cointelegraph reported Sept. 4.