New coalition seeks to foster blockchain innovation in Guangzhou, Hong Kong and Macau

The Guangzhou City Blockchain Industry Association, the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center have established a new blockchain alliance in order to foster synergy and innovation and jointly promote the development of the blockchain technology, CoinTelegraph reported referring to China News.

Dubbed the “Guangdong, Hong Kong and Macao Dawan District Blockchain Alliance,” the coalition will be headquartered in Guangzhou Development Zone.

The initiative currently involves 54 member companies and will explore blockchain technology in areas such as funds, finances, and trading. It will be developing four blockchain platforms:

“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,” CoinTelegraph quoted from China News.

The Hong Kong Blockchain Industry Association will be responsible for blockchain development in areas including trading, finance, exchanges, and insurance policy, while the Innovation Center of the University of Macau will focus on blockchain applications in the areas of education, health, tourism, and logistics.

Earlier in September, the People’s Bank of China launched the testing phase of the “Bay Area Trade Finance Blockchain Platform” focused on conducting trade activities. In the same month, reports suggested the setting up of a new trade and finance blockchain platform, called the “Guangdong, Hong Kong and Macao Dawan District Trade Finance Blockchain Platform,” backed by the PBoC.