Tech executives from Ant Financial, WeBank, JD.com, ZhongAn, Wanxiang and OnChain are in Sydney and Melbourne investigating blockchain and trading relationships.
A high-powered delegation of Chinese technology executives is in Australia this week for discussions on blockchain, including how China plans to apply it to trading relationships.
The companies are a who’s who of China’s fintech elite. Senior managers from Ant Financial, WeBank, JD.com, ZhongAn, Wanxiang and OnChain have made the trip south.
They’re being led by Ming Li, director of the China Electronics Standardisation Institute, which has responsibility for setting blockchain industry standards under China’s Ministry of Industry and Information Technology.
Blockchain records and verifies transactions in synchronised databases providing transparency and security. The architecture will end up underpinning an “internet of value”, which proponents reckon will be as important as the internet itself has been for moving around information.
The Chinese group is interested in learning more about the development of global blockchain standards, where Australia is playing a key role by chairing a global committee established by the International Organisation for Standardisation.
The group – which also includes Hongfei Da, the founder of OnChain, which is is developing technology known as Distributed Networks Architecture that supports interoperability and connections between blockchain and traditional networks – visited Standards Australia in Sydney on Monday.
Australia will host the first international blockchain standards meeting for the “ISO/TC 307” group next month, which is being chaired by Westpac Banking Corp director Craig Dunn.