Tencent, others launch China Blockchain Security Alliance

22/06/2018

During the first China Blockchain Summit held in Beijing, 20 institutions established a security alliance.

 

Founding members of the China Blockchain Security Alliance launched June 21 include Tencent Security, trading platform Huobi.com and China Blockchain Research Center.

According to Technode, the Alliance’s mission is to ensure the sustainable development of the country’s blockchain ecosystem and protect it from fraud.

“We are willing to participate in blockchain’s industrial construction in the name of Tencent,” Tencent VP Ma Bin said during the summit. “We hope to contribute to blockchain’s security in China.”

Last year, China applied for 225 blockchain patents – more than two and a half times the United State’s 91 patent applications the same year.

Despite blockchain disrupting virtually every industry in China, the path to regulating this new technology has been full of unforeseen turns.

 

“We are willing to participate in blockchain’s industrial construction in the name of Tencent,” Tencent VP Ma Bin said. “We hope to contribute to blockchain’s security in China.”

 

After unveiling a set of regulations to ban cryptocurrency in February, China has since moved to secure government control of blockchain projects, including the development of a government-controlled cryptocurrency.

Regional governments including Xiongan, Shenzhen, and Fujian have created investment funds to support the proliferation of blockchain technology. JD.com launched a blockchain accelerator in February and started tracking beef imports using blockchain technology.

In March, Alibaba’s luxury platform Tmall announced that it would adopt blockchain technology into its cross-border e-commerce supply chain through its logistics arm, Cainiao.

The flurry of activity surrounding blockchain makes sense – there’s significant money to be made in the emerging technology.

In the first half of 2017 — before China’s central bank banned Initial Coin Offerings (ICOs) — blockchain financing reached around $400 million (RMB 2.6 billion). Just this March,  the average monthly wage for a blockchain-related employee clocked in at neary $4,000 (RMB 25,800), Technode reported.

 

The flurry of activity surrounding blockchain makes sense – there’s significant money to be made in the emerging technology. In the first half of 2017 — before China’s central bank banned Initial Coin Offerings (ICOs) — blockchain financing reached around $400 million (RMB 2.6 billion).

 

The big bucks have brought big fraud. A pyramid scheme that ran from March to April this year attracted more than 13,000 people. In early 2015, a token scheme in the Fujian Province duped almost 900,000 people. Both result in fraud worth millions of dollars.

Leave a Reply

Your email address will not be published. Required fields are marked *