Chinese blockchain development looks like it is getting even more support. Local Fintech news outlet reported that on July 23, the first meeting of a research group founded by China’s top three telecom companies took place. The group is the result of efforts by China Mobile, China Unicom, and China Telecom.
According to a statement from the new Chinese blockchain development group, their goal is to, “build a trustworthy blockchain application team to explore the blockchain area,” and that the group is, “…a solution in terms of order management, contract management and creation of use cases.”
In addition to the three Chinese telecom giants, the project involves experts from other Chinese tech companies like Union Mobile, Financial Technology (UMF) and Huawei. The potential market for telecom-based payments is huge in China and would build on efforts that have already been undertaken by other mobile payment providers in China.
Chinese blockchain development moves forward
The telecom industry is the latest to join the field of Chinese blockchain development. The about-face that China has taken on blockchain seems to be in full effect. Earlier today the Chinese city of Nanjing announced they would create a fund worth around USD 1.5 billion dollars to support local Chinese blockchain development.
In the wake of Xi Jinping’s public support of Chinese blockchain development this spring, it looks like numerous companies and cities are building support for a Chinese blockchain development culture. The fund that the city of Nanjing is creating will support businesses that want to set up shop in Nanjing and develop blockchain technology that can be used both in China and abroad.
China’s initial reluctance to embrace blockchain technology seems to have vanished. Last year there appeared to be a state-sponsored media blitz against blockchain and cryptos. Now blockchain looks like it is being given the green light, but cryptos are still lagging in the Chinese market.
Private sector interest explodes
China also saw an amazing rise in blockchain-focused companies this year. This recent push by Chinese telecom giants into the blockchain development space will be met by more than 8,000 Chinese blockchain companies. China now has more registered blockchain companies than any other nation.
As one of the world’s largest exporters, China has every reason to develop blockchain-based platforms that allow them to interface with other countries that buy their products. The openness and growth that has taken place in Chinese blockchain development this year is a very encouraging sign.
Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.