Chinese regulatory authorities of the blockchain keen to join the global block arms race

Chinese regulatory authorities of the blockchain keen to join the global block arms race

China established block chain alliance — Chinese distributed ledger protocol based Alliance (ChinaLedger alliance) in April this year, the Secretariat of the league in the Wanxiang Group, universal blockchain laboratory. This indicates that the China will be added to the global block chain competition, to promote the use of block chain technology in each country, the world in various fields. Chinese regulators currently use of this technology is very promising, how will the next development, let us wait and see.

Universal block chain laboratory is Chinese Shanghai is a non-profit research institutions in Shanghai hosted the inaugural global block chain summit. It will be led by 11 including the commodity exchange, regional equity exchange and financial assets exchange alliance, the establishment of a “open block chain protocol”. According to Bai Shuo (director of ChinaLedger Union Technical Committee of the Shanghai stock exchange before the chief engineer, said, “this open source) block chain protocol enables developers to continue the expansion on the basis of.

The network China Securities Commission Securities Industry Association is a self regulatory mechanism operating in the industry, the Commission under the supervision of Chinese. It will set up a team of advisers, including Bloq JeffGarzik, founder of the VitalikButerin R3 Union Square Ethernet, TimSwanson Ethernet workshop co-founder AnthonyDiIorio and other well-known blockchain community members.

ChinaLeger will study the development of the “Internet of things”, provide a way in accordance with regulatory standards for the unique China organization. According to the 2013 Cisco report estimates, to 2025 the market will be worth $15 trillion.

The specific details have not been determined, the goal is to utilize and improve the blockchain technology at the present stage, to meet the Chinese business and industry standards, and ensure compliance with the regulatory environment China characteristics. At present China, regulators attitude to block chain technology is positive, open, full of interest.

This is the rapid development of Chinese block chain technology to adopt a similar statement: the Linux foundation of the structure, to form an open source model, which China community development block chain. In addition, China is willing to establish cooperative relations with other regional or global organizations.

Universal block chain laboratory to help people realize the present technology in the field of Chinese block chain have the opportunity, because the Shanghai global blockchain summit held in the end of 2015, there have been many China groups expressed interest in the technology.

Neighbors (a China College Online Language Learning company) CEO Zhao Kui said in an interview with us, “block chain technology coming in China outbreak”. Their company is planning to study block chain technology. The Chinese Academy of Sciences EricZhao also said in an interview, “hot money inflows are slowly”, he is closely concerned about the development of the blockchain.

Almost all of the Western World Bank are exploring the block chain technology, and set up a lot of research laboratories, have launched numerous hacker marathon. The Chinese is not so much movement, they may just look at the private dynamic block chain technology.

According to a reluctance to disclose the names of the Chinese banking sources said:

“The use of China block chain technology compared with the western countries there is a big difference. In the United States, began to adopt the technology of the bank, and in Chinese may be non financial sector by the”.

This situation may change. Some Chinese professional developers said, “in the Chinese block chain will be more and more popular, and regulators are also welcome this invention, but the current lack of actual code of enterprise level application development”.

Now it is still too early to introduce the development of block chain technology Chinese, but almost every day of the new company to block chain technology as the basis for the establishment, since the end of 2015, we focus on block chain technology is also more and more. Looking at the world, many large companies such as IT, Intel, IBM and Cisco, has established Alliances — Hyperledger (super Books), to develop a maintenance protocol source code, to achieve intelligent contracts in the industry to access to put into use.

At the same time, R3 also recently announced the alliance will soon become a form of open source Corda (Corda is a block chain based financial application protocol). China ChinaLedger alliance has also joined the big three banks, large IT companies, excellent start-ups will be put into the market share and talent to compete. Or it will evolve into a global competition to see who will be the first to use this new technology.

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