According to a latest report from Chaindb.com, China has recently organised and announced the establishment of a distributed ledger based coalition agreement in Beijing, referred to as the ChinaLedger Union. 

Blockchain News reported that Mr. Bai Shuo, former chief engineer of the Shanghai Stock Exchange, announced ChinaLedger on Tuesday at the third Internet global financial summit. Shuo is the director of the alliance. 

Shuo said that China distributed ledger based coalition agreement aims to create a service in China's multilateral ecological value of the Internet for the purpose of non-profit community organizations.

The alliance is being backed by the Chinese General Assembly, along with 11 sponsor units. In addition, the Union has also invited Alex Baltin, UBS UK Senior Innovation Manager; Anthony Di Iorio, Chief Digital Officer Toronto Stock Exchange; Vitalik Buterin, founder of Ethereum; and Bitcoin core developer Jeff Garzik as advisers.

The report said the ChinaLedger Union will primarily focus on working together to research blockchain technology, taking into account China's policies and regulations. The future ChinaLedger coalition agreement states that the underlying technology of Blockchain will be open source so that all walks of life can build specific application scenarios based on this agreement.