China Blockchain Security Alliance to Fight Fraud

Chinese technology company Tencent is teaming up with the Chinese government to create China Blockchain Security Alliance. The new alliance will fight the security problems associated with the use of blockchain technologies.

In Beijing, on June 21, the China Blockchain Security Forum took place, at which Vice President of Tencent Bin Ma told about the creation of an alliance designed to improve the safety of the blockchain technology. The China Blockchain Security Alliance will include Tencent, CTMA (Chinese Technology Trade Association), the China Blockchain Application Research Center and another 20 public and private institutions.

The goal of the alliance is to ensure the healthy and sustainable development of blockchain and protection of its users against fraud.

"We are willing to participate in blockchain’s industrial construction in the name of Tencent. We hope to contribute to blockchain’s security in China," Ma Bin said during the Summit.

The conference in Beijing was held against the backdrop of a growing number of crimes in the field of blockchain and cryptocurrencies in the country. Recently, about 13000 investors became victims of the fraudulent pyramid, who invested almost $13 million in the project.

Nevertheless, the Chinese government sees "new generation" of technologies in blockchain. In June this year, the Chinese Academy of Sciences announced the establishment of a research center for studying large data and distributed registry technology.

by JustForex, 2018.06.25

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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