Huawei, IBM, Tencent, and AliBaba create Blockchain Application Alliance

More than 100 blockchain companies alongside Inspur, Ziguang, Huawei, IBM, Tencent, Alibaba and Baidu have created the very first in China provincial alliance called the Chongqing Blockchain Application Innovation Industry Alliance.

According to a local news outlet ChinaNews, the alliance aims to aggregate the potential energy of the blockchain industry, integrate the public resources of the blockchain industry, and promote the circulation of elements of the blockchain industry. Luo Qingquan, Director-General of Chongqing Big Data Application Development Administration claims that the establishment of the alliance, based in Chongqing, facing the whole country, serving the construction of the "Belt and Road," and gathering "elite enterprises from all walks of life." Bitcoin Falls 3 Positions in China's Crypto Ranking

The alliance has reportedly appointed Chen Xiaohong, a Chinese economist who currently serves as the Malcolm K. Brachman Professor of Economics at Yale University, and other industry experts as consultants. Xiaohong says that the alliance will gather members of this scale to create a national precedent at the level of the provincial blockchain application alliance.