China aims to remain ahead with Blockchain Technology

On September 14th, Innospace will host a conference on the application of block chain technology. Austrade and ADCA will participate by sending a number of block chain experts to exchange discussions with China’s block chain experts. NEO founder Da Hongfei, NEO Council Secretary-General Tao Rongqi will be invited to attend the exchange (source).

Austrade’s full suite of export services is available to Australian companies looking to grow their business in China and other South East Asian countries. Austrade also works to promote the Australian education sector within China and Hong Kong while attracting productive foreign direct investment into Australia.

ADCA  (Australian Digital Commerce Association)is the industry network for businesses implementing blockchain solutions. ADCA members work together to build understanding of the potential of blockchain technology, share best practice and engage with government and regulatory stakeholders.

Innospace is a business incubation company, with office spaces, meeting spaces, cafes and living spaces.

At a previous conference, Innospace CEO Chen Cheng Qiang announced a ¥200 million CNY ($29.3 million USD) incubation fund, a collaboration between his company and the NEO blockchain team. Plans for the fund include the establishment of a new blockchain space in Shanghai, combining working spaces, startup incubation and acceleration services (source).

Da Hongfei has previously elaborated on the future of blockchain technology revealing strong collaborating opportunities with authorities in China. Calling for the transparency and openness of data, he introduced concepts of the “Smart Economy” and new smart contract system, and announced that he is building a new multi-chain protocol for interoperability.

According to Austrade “China is setting the pace in global blockchain development with blockchain technology emerging as a potential disruptive force”.

“In a country with $5.5 trillion in digital payments last year (50 times that of the USA) and unencumbered by legacy systems, Chinese technology companies, financial institutions, government and companies across a wide spectrum of industries are exploring blockchain solutions as part of the Internet of Things (IoT) and broader innovation drive.”

The 2017 Australian Blockchain Mission will focus on engagement with a network of major global Venture Capital funds and Chinese investor consortium, start-up incubator and FinTech accelerator. The summit is to be followed by a round table chaired by China Blockchain Technology and Industry Development (CBD) Advisory Group. CBD Advisory Group is the primary industry body advising China’s Ministry of Industry and Information Technology on Blockchain standards and practice.

Australian and Chinese blockchain start-ups will also be presenting during a demo day, allowing them to showcase their Blockchain solutions.

 

 

 

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