Blockchain Alliance Established By Guangdong, Hong Kong, And Macao Dawan To Expand Use And Understanding Of Fintech

The world is still in an ongoing debate about the validity and value of cryptocurrency, but blockchain technology has not seen the same doubt. Countries and industries around the world have been working to integrate the distributed ledger to their work to make their practices more traceable and accountable. According to a report from China News on November 9th, there’s a new collaboration pushing the efforts along called the Guangdong-Hong Kong-Macau Dawan District Blockchain Alliance.

The new alliance was created originally in the Guangzhou Development Zone, and the headquarters can be found within Guangzhou. On the same day that this project was announced, the organization decided to system a new memorandum of understanding, and it presently includes 54 different companies. This type of widespread collaboration makes it easier to test out blockchain technology in funding, finances, trading, and other sectors.

There will be four blockchain platforms in creation for this alliance. According to the China News report,

“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.”

As the Alliance works within the economy, they will be responsible for the integration into exchanges and insurance policy as well. From there, the Innovation Center of the University of Macau will work on the implementation with education, health, tourism, and logistics.

The introduction of blockchain technology into the Chinese economy has been a continued effort for the last few months. During the fall, the central bank of China began a testing phase for the “Bay Area Trade Finance Blockchain Platform.” This platform was setup with the intention of participating in trade activities, according to a September 4th report from CoinTelegraph.

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