A new coalition focusing on blockchain technology has been established in Shanghai last week. The Shanghai Municipal Development and Reform Research Institute, Wanxiang Blockchain Lab, BitSE, Shanghai Institute of Science, the Lujiazui Finance Internet Association, the Jiading Industrial Zone Economic Development Co, and others teamed up to form the “Shanghai Blockchain Industry Development Research Alliance”.

The purpose of the alliance is to facilitate blockchain research, technological development, personnel training and help in cooperating with government organizations. It will also act as a business incubator and a cooperation and exchange platform for various enterprises, institutions, non-profit organizations and others to promote blockchain research.

The press release stated that blockchain development currently faces a number of technical, legal, policy and other problems and that the newly formed alliance will seek to unite all forces around some key issues research. It will provide a platform for the Shanghai Municipal Government, relevant departments and the whole blockchain industry to promote sharing of resources and knowledge thereby providing valuable and high quality research results.

Blockchain Investor and Founder of ChainB.com Gong Ming said that the establishment of the alliance can effectively strengthen the communication between industry, regulatory authorities and other relevant companies, to build a platform for mutual exchange.  Ming also recommended other members to be active through the alliance’s various activities and to further expand the Alliance's influence.

The China Finance Information Center is sponsoring the new coalition, according to the official release. It will play a pivotal role to enhance the alliance’s visibility and reputation, and ensuring good working relation between members.

China is quickly becoming a hub of blockchain-based consortiums. Earlier in April, Bai Shuo, former chief engineer of the Shanghai Stock Exchange, announced the establishment of ChinaLedger - a distributed ledger based coalition agreement in Beijing. This was followed by the formation of the Financial Blockchain Shenzhen Consortium, officially launched on 31st May this year.