Geely’s Digital Technology Unit Joins Trusted Blockchain Initiatives

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Trusted Blockchain Initiatives (TBI), a Chinese blockchain organization, held the inaugural online meeting of its digital fundraising project team on Thursday. The digital technology unit of the leading domestic automaker Geely has officially joined the team as one of the first members, aiming to promote the healthy development of the digital collection industry together with TencentJD Tech, Alibaba‘s Ant Chain, China Unicom, iFlytek and Shanghai Pudong Development Bank.

TBI’s Digital Collection Project team will analyze the value of digital collections, explore application scenarios, research fundamental issues in digital collection development, and find ways to ensure compliance. Statistics show that there are more than 300 digital collection platforms in China. The industry is still in the early stages of development and technical regulations and standards have yet to be established. The potential market risks are relatively high, so it is urgent that authorities and industry entities make joint efforts to guide the proper development of the field.

At the same time, the team started compiling the “Development of Applied Technical Requirement Standards” and the “Digital Collection Compliance Development Research Report”, which are expected to be released in mid- August and mid-October of this year.

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Geetaverse, which is operated by digital technology unit Geely, is a digital collection platform based on blockchain technology, which provides complete solutions such as design, distribution and operating plans. Its digital collection has unique on-chain identification. It provides asset information and circulation records, which will be permanently stored through the blockchain.

TBI was launched by the China Academy of Information and Communication Technology (CAICT) in April 2018. It is an industrial cooperation mechanism jointly sponsored by domestic and foreign blockchain-related enterprises and scientific research institutes. Its aim is to promote research and industrial application of core blockchain technologies, formulate credible standards, support government decision-making, and promote the healthy development of industry. Since its creation, the organization has had more than 500 members.

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