Huobi Joins Chinese State-Backed Blockchain Alliance

The Chinese wing of crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Huobi has been added to the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Services Network (BSN), an industry alliance initiated by the State Information Center (SIC), as one of its first members.

Confirmed by local Chinese news outlet fn.com on Sunday, the crypto exchange will join China UnionPay, state-backed telecom giant China Mobile, China Merchants Bank International, and Weizhong Bank, among others in the alliance. The addition of the new member was performed at an event organized in Hangzhou on the same day.

The purpose of BSN is to provide a blockchain infrastructure services platform to fill the gap between different blockchain networks, regions, and institutions. The alliance was originally organized by two Chinese mammoths - China UnionPay and China Mobile.

In his speech at the induction, Yuming Yuan, the CEO of Huobi China, also expressed his gratitude towards the alliance and is poised to educate thousands regarding blockchain technology in a collaborative effort.

“Blockchain service network can […] facilitate the rapid promotion and application of blockchain technology,” Yunan Liu, director of the SIC, said.

Building base in China again

Headquartered in Singapore, Huobi re-entered China by opening a country-specific headquarter in the province of Hainan. The exchange also opened branches in the United States, Hong Kong, Japan, South Korea, and Turkey.

Yang Chen, the president of Hainan’s Financial Supervisory Authority, one of the attendees of the event, also revealed that the agency is considering to open a sandbox model to test the emerging fintech and blockchain technologies. This will be done in an attempt to allow the government to learn about the decade-old technology while giving the companies an open space to test their products.

Meanwhile, Chinese authorities also opened up a crackdown on illegal crypto businesses operating in the country as the Schengen law enforcement identified 39 such companies operating in the region, taking actions against them.