On Monday, media outlet The Australian Financial Review wrote that a number of Australian blockchain start-ups visited Shanghai to explore business opportunities in the country.
Australian blockchain start-ups such as Labrys, Beam and AgriDitigal were there to get acquainted with China’s fintech ecosphere which was part of a trade mission that was organized by the Australian Trade and Investment Commission (Austrade) and the Australian Digital Commerce Association. During their trip to Shanghai, they visited the largest Chinese tech enterprises such as Ant Financial which is an affiliate of Alibaba.
Alibaba has been aggressively getting blockchain-related patents. This is in line with the Alibaba’s CEO Jack Ma, who strongly believes in the technology and its uses for the future. The company also secured a $14 billion funding for its tech ventures which also covers blockchain projects.
It is unclear as to what other Chinese enterprises are on the Australian trade delegation’s visiting but in the report, it was noted that the Australian Start-ups will be attending the Wangxiang 4th Global Blockchain Summit that is to be held in Shanghai this week
Despite the crackdown on crypto-related media and the blanket ban on cryptocurrency exchanges and Initial Coin Offering crowdfunding activities, China is focusing on the blockchain technology itself rather than cryptocurrencies.
State-run news agency Xinhua reported that The Ministry of Industry and Information Technology (MIIT) said last month it is committed to promoting blockchain applications in, for instance, finance, supply chain management, reporting and smart manufacturing
It seems that both China and Australia need each other because Australia plays a key role in a sector which China wants to expand in to. Australia chairs the International Standards Organisation which sets blockchain standards and is known as Technical Committee 307. Australia too needs to have China involved in the development of international standards “given the significance of their work in blockchain,” Technical Committee 307 chairman Craig Dunn told The Australian Financial Review.