The Internet Securities Commission of the Securities Association of China (SAC), an industrial self-regulatory body supervised by the China Securities Regulatory Commission, will act in an advisory capacity with members of the blockchain community, including Jeff Garzik of Bloq, Vitalik Buterin, founder of Ethereum, Tim Swanson from R3 and Anthony Di Iorio, co-founder of Ethereum, acting as advisors.
ChinaLedger will research and develop methods to build ‘Internet of Everything’ applications for organizations in a way that complies with Chinas unique regulatory environment.
The details are not yet fully established, but the aim is to adapt and develop existing blockchain technology to the needs of China-based companies and set standards across the industry to ensure regulatory compliance in an environment where regulators are open and interested in blockchain technology.
Meanwhile, R3 has announced Corda, a blockchain-based protocol for financial applications which is soon to be open sourced. They are now joined by ChinaLedger in what seems to be a global race to utilize the applications of this still new invention.
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