China Forms ‘Blockchain Security Alliance’

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(Photo Credit: Tencent)

 

Two dozen institutions and government agencies will work together to create a single long-term mechanism for development.

According to a report from the state-run ChinaNews website, the new partnership is meant to “promote security” in the blockchain industry by establishing long-term mechanisms for the development of the technology within China, ostensibly without foreign involvement. It would also crack down on illegal behavior including ICO pyramid schemes and other forms of fraud.

In addition to Tencent and CTMA, the new alliance will reportedly include the China Blockchain Application Research Center and 20 other institutions, government advisory agencies, network security firms, and blockchain-related organizations.

Blockchain technology has been a recent driver of both economic and technological advancement in China. The country’s central bank recently created a blockchain system to digitize paper checks and Ant International, which operates Alipay, has secured $14 billion in investments to build out blockchain- and security-related technologies.

Full article: China Forms ‘Blockchain Security Alliance’ (TruNews)

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