Cyber administration releases first list of registered blockchain service providers

Source:Global Times Published: 2019/4/2 13:43:39

The Cyberspace Administration of China released the first list of 197 registered blockchain service providers, a move to provide a controllable environment to explore blockchain technology in the country, analysts said. 

Among the companies registered in the list were internet giants including Baidu Blockchain Engine (BBE), Alibaba Cloud BaaS (Blockchain as a Service), Tencent TBaaS (Tencent Blockchian as a Service), and the BaaS platform owned by Other financial institutions, including China Zheshang Bank and Ping An Insurance Company, are also among the first group to have registered their blockchain service. 

Blockchain technology should not be used for any commercial purpose, according to a statement issued by the Cyberspace Administration of China. 

The registration of blockchain service providers is in response to the previously unregulated wave of initial coin offerings (ICO) and aims to provide a controllable environment to explore blockchain technology in China, Liu Xingliang, director of the DCCI Internet research institute, told the Global Times.

"In the last few years, the lack of regulations on cryptocurrency-related blockchain technologies did play some havoc with the market, causing losses for many investors and a huge electricity waste, especially by Bitcoin miners," Liu said.

In September 2017, the Ministry of Industry and Information Technology of China issued an announcement regarding the risks of cryptocurrencies, banning all platforms from any trade in cryptocurrencies and ICOs in China. 

"But it is undeniable that this emerging technology does have a lot of potential. I believe the government is being very cautious while trying to provide a controllable environment for companies to explore its application," according to Liu.

The list of registered blockchain service providers includes many industry giants with rich experience and solid technology support, such as Tencent and Alibaba, which is also a sign that a new era of blockchain technology development may arrive in the future, Liu said. 

"In the past, when the market was barely regulated, the technology was abused by some unruly companies, some of which were scammers, to lure small investors. Now with the participation of big companies, legitimate research and development of the technology are now possible, and chances are now much higher for a safe future with blockchain technology," Liu told the Global Times.


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