BTC China installs the country’s first Bitcoin ATM in Shanghai

StumbleUpon Thanks to the guidance of two governmental bodies: VeChain and eight other bodies within the government and enterprises have successfully formed the Shanghai Wine and Liquor Blockchain Alliance.

Shanghai goes further

The SWLBA will oversee the development of an interconnected, cooperative platform for the sharing of research and development within alcohol production companies, alcohol trading enterprises and technology providers in Shanghai.

The ultimate aim is to enhance the level of logistics management, quality and safety retrospective systematization, and ensuring a level of regulatory self-discipline for Shanghai’s liquor industry. These goals will effectively create a robust, thoroughly modern framework for the industry moving forward. Shanghai, in particular, is well positioned to become a leading force in the world for blockchain technology and traceability for alcohol.

Allowing for the region to finally clamp down on counterfeiting which otherwise harms the industry. The Alliance is tasked as well with the development of the Shanghai traceability system for the first China International Import Expo.

Why has bitcoin had success in China?

For its early stages, the system will only be provided for approximately retail outlets in the local Shanghai region. Providing it’s successful in these preliminary stages, it’s expected to be rolled out gradually across the country.

President Xi Jinping has been an active proponent of innovation within the field of blockchain, especially when considering the International Import Expo; which is expected to commence in November: But a major policy initiative and commitment taken of our own accord to open up the Chinese market.

During the China International Import Expo, foreign friends will be presented with new models and new services for alcoholic drinks.

How the u-turn was happening

This digitized path will greatly enhance consumer confidence. The Business Information Center of Shanghai has been a leading developer and leader in collecting, analyzing and reporting business information.

With its extensive reach, the Business Information Center will provide an effective net to provide effective network coverage for the Alliance. The additional founding members also consist of: Shanghai Tianbang Wine Co.