• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

ChinaLedger – China’s Own Personal Blockchain Project

Gautham by Gautham
5 years ago
in
Reading Time: 2min read
CLedger
Advertisement

The giant has finally woken up; China has entered the blockchain race. Apart from the banking consortium and the Hyperledger project that have respectively brought the banking sector and tech companies together, we now have one more blockchain alliance, originating from China.

China is already playing an important role in the global economy, bitcoin mining, and even the global power balance. Now, with the blockchain alliance, the country will be innovating on par with other international players, except that the innovations may be more region specific than being on a global scale.

The Chinese blockchain alliance, nicknamed ChinaLedger has been created to develop and implement the distributed ledger technology into the country’s financial machinery. The alliance, led by Wanxiang Blockchain Labs consists of 11 regional commodity exchanges, equity exchanges, and financial asset exchanges, reports NASDAQ.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

One of the main priorities of the alliance is to create an open source blockchain protocol that can be used as a foundation by the developers to build applications over it. The ChinaLedger project will include Internet Securities Commission of the Securities Association of China in an advisory role. The commission is directly under the control of the China Securities Regulatory Commission.

According to reports, the ChinaLedger project has some of the leading digital currency and blockchain experts extending their support. Some of the recognizable names include Jeff Garzik of the Bloq fame, Tim Swanson from R3CEV and Vitalik Buterin, the founder of Ethereum, a blockchain based smart contracts platform. Again, they will be working in advisory roles as well.

Blockchain technology has already proven to be useful in the fintech sector. By using the same distributed ledger technology, the banking industry intends to increase their operational efficiency. The technology will enable the banks to process international transactions in a matter of minutes. Similarly, the smart contract applications built over Ethereum blockchain is being implemented by various stock exchanges, including the Australian Securities Exchange to automate trade settlements.

The ChinaLedger project is expected to do the same, except that it will be in accordance with the Chinese regulatory framework. The ChinaLedger project may not be a decentralized one, but it is more like a giant private blockchain project for one particular geography.

Wanxiang Blockchain Labs has been one of the most active advocate of distributed ledger technology in China. It was also behind the first Global Blockchain Summit, held in the country.

Once ChinaLedger is operational, the oriental country will be on par with all its western counterparts when it comes to technological capabilities. However, how effective it will be, is another question. China is already known for its heavy internet censorship and state-run media that acts as a propaganda machinery, not to mention capital controls!

Ref: NASDAQ  Image Courtesy of NewsBTC All Rights Reserved
Tags: bitcoinblockchainBlockchain TechnologychinachinaledgerHyperledgerNewsR3
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

Ripple (XRP)

Charted: Ripple (XRP) Could Rally Significantly If It Clears This Key Resistance

1 hour ago
Ethereum

TA: Ethereum Reclaims 100 SMA, What Does This Means For the Bulls

3 hours ago
Bitcoin

TA: Bitcoin Struggles Below $57K, Here’s Why 100 SMA Holds The Key

5 hours ago
Cardano vs. Polkadot vs. Ethereum, Which Project Will Emerge The Winner?

Cardano vs. Polkadot vs. Ethereum, Which Project Will Emerge The Winner?

8 hours ago
Cardano ADA ADAUSDT

Why The Crypto Market Could Face A Crackdown, says Cardano’s Inventor

11 hours ago
bitcoin price reversal island-1285147_1280

Potential Island Reversal Leaves Bitcoin Bulls Stranded

11 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Fly to the Moon and Win One of Three Tesla Cars with New Bitcasino Game, Live Crash

April 19, 2021

Cryptocurrency Exchange Gate.io Celebrates 8th Anniversary

April 20, 2021

eToro Adds Chainlink and Uniswap Amid Investor Surge For Crypto

April 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.