China’s software giant, Huawei, is one of the firms named to be in China’s blockchain committee as the country looks poised to lead the way in this developing market.
Huawei Joins China’s Blockchain Committee
China is preparing to drive the development of the developing blockchain industry and is taking action to upgrade this strategy. The nation is introducing tech companies, such as Huawei, Tencent, and JD.com, to the current blockchain committee to help promote the development of digital technologies.
On Sunday, the Chinese Ministry of Industry and Information Technology (MIIT) released a list of 71 corporations and public bodies forming the current blockchain commission. According to the Organization, the current blockchain committee’s name is the National Blockchain and Distributed Accounting Technology Standardization Technical Committee. The purpose of establishing this body is to address and develop business guidelines for blockchain and distributed ledger technology.
The committee consists of the biggest tech giants in the world. China also added other biggest technology firms, including Huawei, Tencent, Baidu, Ant Financial, and JD.com. The list is not limited solely to telecommunications, fintech, and eCommerce firms. Any of the country’s technical universities and related law enforcement authorities have also sent delegations to the committee. They could prove to be essential to blockchain and DLT research and development.
The Committee also includes a range of sectors of the People’s Bank of China (PBoC). They engage in technical development (especially the Digital Yuan Initiative). Other industries listed on the committee include insurance and banking giants Ping An and Qianhai Wezhong Bank. Car product maker Wan Xiang is another addition to the latest blockchain commission.
China’s Blockchain Committee Can Fuel Blockchain Adoption
The assembly of the most influential actors from various sectors of the economy to spearhead the growth and regulation of blockchain technology in China may be in line with President Xi Jinping’s speech in October. This encourages China to embrace the chance and accelerate technical progress in its blockchain industries.
This new blockchain committee’s regulation and standard could guide other regulators around the world. MIIT has worked tirelessly to ensure that China remains at the forefront of blockchain technologies and digital assets. In 2018, the associated study group started to publicly rate and assess cryptocurrencies based on their technical capacities and use cases.
Huawei has been pushing for China to be active in the blockchain field and drive innovation in the region. After Facebook launched its Libra project last summer, Huawei CEO Ren Zhengfei urged the Chinese government to build its own national digital asset to compete with the Libra coin. In addition to its blockchain-as-a-service (BaaS) platform, Huawei has released the first smartphone-compatible cryptocurrency wallet applications in 2018. The BaaS platform makes it possible for consumers to tap into their own smart contracts.
While China’s new blockchain participants are mainly software firms, very few are actively interested in creating or using blockchain technology. One such business is Conflux, a startup that aims to develop scalable solutions. Shanghai’s government financially supports the company, which awarded it a major grant in December last year.
However, China seems to take the growth and advancement of the blockchain industry very seriously and may be the first country in the world to begin the mass application of digital technologies in different sectors of its economy.