Asia Blockchain Updates 2019.11.11

Shanghai Blockchain Bank Alliance has been Launched, Rival of Bitmain, MicroBT has been sued, VeChain’s New Partnership for Food Supply Chain.

by Amy Kang

Shanghai Gov Formed a Blockchain Alliance with 6 Banks for Mass Adoption

http://www.zdnet.co.kr/view/?no=20191108070133

The Shanghai local Government has agreed to cooperate with Shanghai local financial companies such as Banks to increase the use of the blockchain trading platform.

According to the Coindesk report on Nov 7th, total six Chinese banks, including Shanghai Commercial Committee, Shanghai Customs and Bank of China, Construction Bank of China, Construction Bank, and Agricultural Bank,made an agreement to sign a blockchain coalition proposal to promote the use of blockchain technology on the Shanghai International Trade platform during the China International Import Fair.

An official from Shanghai Port Authority said, “International trade has a complex business chain. There are several problems such as complicated processes, long trading cycles, and lack of transparency. Shanghai Port Authority has pioneered and innovated in the process of strengthening trade.”

The Rival of Bitmain, MicroBT was detained by Shenzhen police for IP Invasion.

https://kr.cointelegraph.com/news/vechain-unveils-food-tracing-solution-foodgates-at-chinas-import-expo

Cointelegraph Korea reported on Nov 11th that the founder of Bitcoin mining machine maker MicroBT is being detained by Shenzhen police as a reference for the investigation on Nov 8. Police officials of Shenzhen are expected to interrogate the head of MicroBT, Zuoxing Yang, on the subject of the intellectual property rights invasion of Beijing-based company Bitmain.

According to the unknown source, it has not been clear whether the police of Shenzhen really have resumed Mr. Yang’s investigation. However, given that the detention period of the investigation took place shortly after the return of the Bitmain co-founder Jihan Wu, speculation is rising that Wu’s influence on the investigation was behind it.

Head of MicroBT, Yang has previously worked as a processor design manager at Bitmain, where he developed the Antminer S7 and S9 models. He resigned and raised $ 20 million to set up his own company MicroBT as the stock option negotiations with Bitmain and Wu Jihan has been broken down.

In 2017, Bitmain filed a patent infringement lawsuit against him. However, Yang’s lawyers succeeded in canceling the patent the following year.

VeChain Partners with DNV GL and ASI Group for Blockchain Food Supply Chain

https://kr.cointelegraph.com/news/vechain-unveils-food-tracing-solution-foodgates-at-chinas-import-expo

VeChain, a Singapore-based blockchain application platform, has unveiled a new blockchain food tracking system at the event of CIIE in China.

According to the official blog on November 7, VeChain announced that they have been working on a project known as Food gates in collaboration with food quality certification agency DNV GL and supply chain specialist ASI Group.

VeChain said the Food gate is already in operation, including importing French beef to China during the CIIE event, which French President Emmanuel Macron and Chinese President Xi Jinping also has attended by.

The blog post of VeChain also stated that VeChain is a global blockchain technology platform provider with significant resources in China and Europe, and the project will be a direct beneficiary for China, the world’s second-largest economy.”

A Self-motivating UX Designer, a former Marketer. Engage with people with a multicultural and unbiased view.

A Self-motivating UX Designer, a former Marketer. Engage with people with a multicultural and unbiased view.