Tech giants like Tencent, Alibaba, and Baidu have joined the first provincial-level blockchain application innovation industry alliance in China.

China seems to be accelerating the development of the blockchain industry recently. After announcing the establishment of a national blockchain committee on Monday, Chongqing City announced the establishment of the Blockchain Application Innovation Industry Alliance yesterday, with hundreds of technology companies as members, demonstrating China's emphasis on the blockchain industry and ambition to master the technology.

Prominent Enterprises Joining

According to a report from China Metropolis Daily, just yesterday, the first provincial-level blockchain application innovation industry alliance in China was officially established. This alliance includes hundreds of well-known enterprises such as Inspur, Tsinghua Unigroup, Huawei, IBM, Tencent, Alibaba, and Baidu. The alliance is located in the smart cluster in Yuzhong District, Chongqing, aiming to build an open platform for blockchain communication, cooperation, innovation, and application among enterprises. Luo Qingquan, Director of Chongqing Big Data Development Bureau, stated:

"The alliance, based in Chongqing and serving the national 'Belt and Road' initiative, will bring together elite enterprises from all walks of life and play an important role in promoting the development of Chongqing's blockchain application innovation industry."

Blockchain Public Service Platform

At the opening ceremony of the Chongqing Blockchain Application Innovation Industry Alliance, the alliance also announced the official launch of the Chongqing Blockchain Public Service Platform "Yukuailian." This platform is built on the Inspur Blockchain Platform (IBS) and provides blockchain engine services and blockchain development services. Zhang Fan, Vice President of Inspur Group, stated:

"Yukuailian will drive industrial cluster development. In the next 5 years, we strive to achieve 1000 core enterprise patent applications, serve 1000 enterprises and institutions, create 20 deep blockchain application scenarios, and drive enterprises to create an output value of 5 billion RMB."

National Blockchain Committee

It seems that China's development in the blockchain industry is accelerating. According to reports, the Ministry of Industry and Information Technology of China announced this week that, after obtaining approval from the National Standardization Management Committee, it plans to establish the "National Blockchain and Distributed Accounting Technology Standardization Technical Committee" to develop industry standards. The committee consists of 71 members representing 15 organizations from political, financial, industrial, academic, and research backgrounds, including the People's Bank of China Digital Currency Research Institute, the Ministry of Industry and Information Technology, Tencent, Baidu, and Zhejiang University.

Blockchain itself is a transnational financial/information system that does not require trust and is resistant to censorship, which seems to contradict China's governance principles. Perhaps for China, instead of allowing people to use an open and uncontrolled blockchain system, it is better to quickly build a controllable blockchain system to maintain its governance principles and efficiency.

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