A startup accelerator has been introduced by a blockchain initiative supported by the Chinese conglomerate Wanxiang Group which is a blockchain backer. I will talk about it here.
What Is China's Biggest Blockchain Backer Doing?
The launch, which occurred on February 22nd, closely follows Wanxiang's commitment to allocate up to $30 billion to a smart cities project spanning seven years. Within this initiative, Wanxiang, primarily recognized as China's largest automotive parts manufacturer, expressed its intention to support blockchain innovators financially.
At the launch event held in Shanghai's Hongkou District, Feng Xiao, who serves as the Vice President and Executive Director of China Wanxiang Holdings – the financial arm of the conglomerate, reiterated the significance of their smart city initiative. He mentioned that Wanxiang envisions blockchain playing a role in next-generation energy distribution, digital currency, and intelligent governance.
Throughout their time in the accelerator program, the startups will collaborate closely with Wanxiang's team, with a specific focus on refining their products and developing their business models, according to the company's representatives. Additionally, Wanxiang's cloud-based blockchain platform, known as WanCloud, will be integrated into the initiative.
The blockchain project supported by Wanxiang was initially unveiled in September 2015 as part of a broader strategy to invest up to $50 million in venture capital within the blockchain sector.
Should I Invest In It?
The initial batch of startups selected for the Chainbase Accelerator program align with the group's commitment to deeply incorporate technology into a modern urban concept. For instance, one of these startups, Dorling Abby, shares the common blockchain focus and aims to utilize this technology to establish smart devices controlled by asset-specific smart contracts. More precisely, Dorling Abby intends to use smart contracts to manage household locks, enabling the creation of an on-demand rental economy.
On the other hand, Yuanben has a different objective – developing a blockchain-driven trading platform for copyright. According to Wanxiang, the startup's platform seeks to record cryptographic signatures associated with copyrighted content and then publish this information on a de centralized ledger.
The third startup, Bianjie Intelligence, aims to develop a platform for transmitting medical information, utilizing blockchain technology to facilitate the transfer of such data. Notably, the startup was established by Heng Cao, who previously served as a big data specialist at al IBM's Research Globe Institution.
Finally, Moceng's objective is to implement blockchain technology in the gaming industry, with the goal of tracking game downloads, user registrations, and payment histories. The startup also expressed its intention to establish real-time payment methods for in-game purchases.
Summary
Currently, Wanxiang appears optimistic about its initiatives, and as part of this blockchain backer strategy, Xiao suggested that the conglomerate's blockchain division intends to collaborate with entrepreneurs in the field.
