Australia steps up China blockchain relationship
Several Australian blockchain start-ups have headed for China to explore blockchain opportunities with some of the country’s biggest tech giants. Oz players include Beam and AgriDigital are also being bolstered by support from the Australian Trade and Investment Commission (Austrade).
Alibaba on the list
The target list is impressive, including payments company, Ant Financial, closely linked to Alibaba. The prize – part of it – is more trade, directly or indirectly, with 520m of Alibaba’s users though Alibaba has also been directing resources at blockchain also.
Ant Financial, which itself is valued in the region of $100bn, is already deploying blockchain for some overseas payments. The Chinese are looking hard at blockchain implementation across a range of supply chain sectors including smart manufacturing, state-run news agency Xinhua already confirmed.
Early development standards input
Earlier in June Alibaba published a new patent application “A System and Method That Adjusts Account Balance on a Blockchain” having filed it with the China State Intellectual Property Office in January.
Australian Financial Review reported that the Chinese-Australian relationship is increasingly important for the development of long-term blockchain standards.
“Australia needs to have China involved in the development of international standards “given the significance of their work in blockchain,” International Standards Organisation group chairman Craig Dunn told the publication before his keynote speech at the Wangxiang Global Blockchain Summit.