China has recently organized and announced the establishment of a coalition agreement ledger distributed in Beijing, known as the ChinaLegder Union.

Bai Shou, former chief engineer of the Shanghai Stock Exchange announced ChinaLegder in the 3rd Internet global financial summit. This is the committee chairman of technology for ChinaLedger Alliance. Shuo said the goal of this union is to create a multilateral ecological service value of China’s Internet with the purpose of being a community non-profit organization. The Alliance is being supported by the General Assembly of China, along with 11 sponsoring units. The Union has also invited Alex Baltin, UBS UK Director of Higher Innovation, Anthony Di Iorio, director of Digital Affairs Toronto Stock Exchange; Vitalik Buterin, founder of Ethereum; and Bitcoin core developer Jeff Garzik as advisors.

According to the report, the Union ChinaLedger is mainly focused on working together to investigate the blockchain technology, taking into account the policies and regulations of China. ChinaLedger future coalition agreement states that the underlying technology Blockchain will be an open source so that all walks of life build specific application scenarios based on this agreement.

News portal of Blockchain reflected information meeting in the city of Beijing, where it was agreed that the ChinaLedger Union also focus on the task of standardizing the use of the blockchain technology in China, and ensure the distribution of the open code for the use of the Chinese population in general.

For the financial sector is expected to increase operational efficiency. In certain transactions, international payment transactions, as well as in the field of securities, they could be accelerated by using blockchain technology.

However, it should be noted that the proposed ChinaLedger is subject to the regulatory requirements in China. This means that there won’t be a decentralized Blockchain, but a private one, which is to work within the geographic boundaries.

China plays in the world economy an important role and has a huge capacity built Bitcoin mining. Now, with the Blockchain alliance, China would like to work on an equal footing with other players to blockchain innovations. However, these innovations will have a more regional approach, instead of targeting a global scale.

Source: The-Blockchain, Btc-echo

Disclaimer: This press release is for informational purposes information does not

constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.