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A New Blockchain Alliance Is Established in Guangdong-Hong Kong-Macao Greater Bay Area

China has recently established a new blockchain alliance in its Greater Bay Area, an area integrating nine cities in Guangdong with Hong Kong and Macau to create a technology and innovation hub with ambitions to rival Silicon Valley, China News, a state-run press agency,reported on November 9th .

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The new group dubbed the Guangdong-Hong Kong-Macao Greater Bay Area Blockchain Alliance was initiated by the Guangzhou City Blockchain Industry Association,the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center. Headquartered in Guangzhou Development Zone, the blockchain alliance seeks to promote the development of blockchain technology in the region and to accelerate the use of the cutting-edge technology in the real economy.

Initially, 54 companies , including big names like Alibaba’s Ali Health and CASICloud, a major industrial internet platform in China, from Guangdong, Hong Kong and Macao have joined the alliance. They cover many areas of blockchain, such as technology, fund, incubation and trading.

The newly-established alliance will be developing four platforms, including the blockchain general development platform, blockchain innovative and entrepreneurial platform, blockchain technology innovation platform and blockchain industry service platform, as well as a blockchain-focused fund.

“The alliance will promote the exchange of visits and communications among enterprises and other institutions of the three sides,foster a batch of blockchain professionals, formulate or participate in the development of blockchain standards, introduce and incubate a group of blockchain startups, and implement multiple blockchain solutions,” said Chen Hao, director of the Guangzhou City Blockchain Industry Association.

Wang Junwen, president of the Hong Kong Blockchain Industry Association, said  large strides have been made towards the development of blockchain in Hong Kong. The technology is playing an important role in trade finance, exchanges and insurance policy. He added they hope to “draw on the first-mover advantage of Hong Kong in the financial sector to bring lessons to the alliance.”

Yan Zhihong, director of the Innovation Center of the University of Macau, said that they will help the new group work on the implementation with education, health, tourism, and logistics.

Chinese government wants to build the Greater Bay Area into an economic powerhouse, with technological development at its core. And the emerging blockchain technology is given priority. In September, a new blockchain trade finance platform called “ Greater Bay Area Trade Finance Blockchain Platform”,  shepherded by the People’s Bank of China,has entered the test phase.The blockchain-powered platform  has been deployed across financial institutions in the southeastern Chinese metropolis of Shenzhen.

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