Geely Digital Technology Unit Joins Trusted Blockchain Initiatives

Trusted Blockchain Initiatives (TBI), a Chinese blockchain organization, held the online inaugural meeting of its Digital Collection Project Team on Thursday. Leading domestic carmaker Geely’s Digital Technology Unit officially joined the team as one of the first members, aiming to promote the healthy development of the digital collection industry together with Tencent, JD Tech, Alibaba‘s Ant Chain, China Unicom, iFlytek and Shanghai Pudong Development Bank.

The Digital Collection Project Team of TBI will analyze the value of digital collections, explore application scenarios, research core issues in the development of digital collections, and find ways to achieve compliance. Statistics show that there are over 300 digital collection platforms in China. The industry is still in the early stages of development, and regulation and technical standards have not yet been established. The potential market risks are relatively high, so it is urgent for the authorities and industry entities to make joint efforts to guide the sound development of the field.

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

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

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