November 13, 2018
With the establishment of the ‘Guangdong, Hong Kong and Macao Blockchain Development’ alliance, the growth of Blockchain in China has picked up the pace.
The state-run press agency, China News, has recently publically announced that an official alliance between the three regions has been established. Now they will work together for the development of Blockchain technology from their headquarters in Guangzhou Development Zone. The alliance was first initiated by the Hong Kong Blockchain Industry Association, the Guangzhou City Blockchain Industry Association, and the Macau University Innovation Center and now more than fifty companies are already part of the alliance. The primary job of the alliance is to look after the funds, incubation, training, and trading associated with the tech and its development.
According to the report published by China News, the alliance will work using a strategic layout of five batches. This includes training of Blockchain professionals, formulation of Batch Block standard specification, incubation of blockchain startups, organising exchange visits, and enhancement and integration of the tech with industry and the traditional economy.
This alliance brings rays of hope for Blockchain enthusiasts in a country that is steadily tightening its grip over the development of this tech. Only recently, the top online censorship agency, Cyberspace Administration of China, has drafted a new regulation that requires local blockchain companies to register all of their users with real names and national ID card number.
The rules on the usage of blockchain were also expected to become even more complicated due to its basic principle of decentralisation and immutability of the recorded entries. Both of these principles go against the foundation of the nation’s government that prefer to control information with mutability. So it is no wonder that the new policy was drafted by the central internet regulator, who are known for building the notorious “The Great Firewall of China”.
However, like any rational administration, China is not going to fall into a common trap, the fear of unknown to stunt the growth that this tech may bring. It has publicly praised the tech for its capabilities in Database management. The seamless establishment of the alliance, too, hints at the country’s intention of benefitting from the technology’s capabilities all the while regulating its growth. Other counterintuitive decisions made by the country’s administration, such as PBoC’s support for blockchain-based trade finance platform and Supreme People’s Court’s approval on Blockchain to be used as a method for storing and authenticating digital evidence, further clarifies its ‘“have its cake and eat it too” strategy.
In any case, the blockchain companies in the country are optimistic about the tech’s future and are actively participating to create a sophisticated arena. Yubo Ruan, founder of one of the most active blockchain firms, 8 Decimal, even believes that the tech is one of the only few that can be developed by leveraging Depoliticized international relations.
He had this to say, “Although different countries now have different policies towards developing the blockchain technology, we are sure that the blockchain industry is a global playground. As it develops, I believe countries will work even more closely together.”
In short, the elusive strategy over the use of Blockchain technology in China is becoming clearer. Earlier, the apparent conflict between the tech and its administration made analysts believe that the nation will prevent its growth on any count. However, now it appears as though the administration will use vigilance to maintain the balance between the pros and cons of Blockchain, which was the same method that was used for the Internet.
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