The Global Media Blockchain Alliance has been established in Hong Kong to create a “healthy public opinion environment” for the blockchain industry, Taiwanese newspaper China Times reports July 20.

At the 2018 Global Media Blockchain Summit, held in Hong Kong July 19, the Global Media Blockchain Alliance released its "Hong Kong Initiative." In it, they underlined the unique role of the media in providing high-quality information about the blockchain industry to the public, People’s Daily reports.

The Global Media Blockchain Alliance has been established by an association of more than 100 mainstream media, according to China Times. The Alliance plans to provide an open membership entry mechanism for new media, also built on blockchain.

Blockchain technology will bring new social changes, according to Ding Laibin, the secretary general of the Global Media Blockchain Alliance. People’s Daily reports him as saying that the media should fully play its role by tapping into the value of the blockchain industry, cracking down on fraud, and contributing to the industry’s long-term success.

Hong Kong continues making steps towards becoming a global leader in the development of blockchain tech, as Cointelegraph reported earlier this month.

On Wednesday this week, Cointelegraph reported that China will lead an international research group focused on the standardization of the Internet of Things (IoT) and blockchain tech. This group was established by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).

Hong Kong’s Monetary Authority is set to launch its own blockchain trade finance platform in August this year, Cointelegraph wrote July 16.