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Huawei, Baidu, Tencent join China’s national blockchain committee

Image by Kārlis Dambrāns from Flickr

Thu, 16 Apr 2020, 00:09 am UTC

A number of major companies have joined China’s new national blockchain committee to speed up the technology’s development and adoption.

China’s Ministry of Industry and Information Technology (MIIT) released a document titled “National Blockchain and Distributed Accounting Technology Standardization Technical Committee” which listed 71 companies and public entities that have joined its committee. The group aims to discuss and set industry standards for distributed ledger technology (DLT), Coindesk.

The committee included several major companies in the technology sector including tech giant Huawei and Baidu, e-commerce, messaging app WeChat, and fintech companies Tencent and Ant Financial. Some delegates were from technical universities and relevant enforcement agencies like the People’s Bank of China (PBoC) and the digital yuan project.

China’s blockchain committee was formed after it received the approval from National Standardization Management Committee. Each member has been assigned a role.

Chen Zhaoxiong, vice-minister at MIIT, serves as its chairman and it has five vice-presidents from various companies including MIIT, China Electronics Standardization Institute, and People's Bank of China Digital Currency Research Institute.

In January, China announced that its national blockchain network called Blockchain Service Network (BSN) would be launched in April. The initiative was announced last year and was intended to be a national blockchain infrastructure platform spanning public networks, regions, and institutions.

At the Blockchain Service Network Partner Conference, the founding members of Blockchain Service Network Alliance were also announced and it included Huobi China, China Merchants Bank International, China Telecom, and WeBank, to name a few.

In February, China upgraded its national information platform for public-private partnership (PPP) projects. The upgrade leveraged cutting-edge technologies including blockchain, artificial intelligence (AI), and big data to improve the degree of information verification and accuracy, enhance the ability of intelligent supervision and more.

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