With the increasing integration of blockchain technology into the mainstream life, guarding it against potential issues and threats such as cyber-attacks is now quickly becoming an increasingly important issue that must be faced head-on. With this in mind, several Chinese government agencies partnered with a number of private companies, including Tencent, to form the China Blockchain Security Alliance.

Formation of the China Blockchain Security Alliance

On Thursday, June 21, Tencent’s vice president Bin Ma announced the launching of the China Blockchain Security Alliance during the recent China Blockchain Security Summit in Beijing. The newly-created organization aims to improve the security of the blockchain network in the country and strengthen it to the degree that it may better withstand cyber threats.

Aside from Tencent Security, there are over 20 various institutions, media, government agencies and blockchain-related companies comprising the alliance. This includes China Technology Market Association, Tencent Security, Know Chuangyu, and China Blockchain Application Research Center among others.

The China Blockchain Security Alliance aims to combat illegal activities such as pyramid schemes and other types of fraudulent schemes using the name of blockchain to lure their victims.

As one of the leading forces in the alliance’s formation, Tencent Security is willing to share its expertise in combating cyber crimes. The firm has a top-notch technology security team well versed in security risk control, sensitive data protection, security emergency response, and security vulnerabilities inspection.

Tencent Security has an established record in the field of cybersecurity. The firm’s clientele includes various government agencies as well as China’s top financial institutions.

Blockchain and Crypto-related Crime on the Rise

Incidents of blockchain and cryptocurrency-related crimes in China have been on the rise recently. For instance, a crypto pyramid scheme in the northwestern city of Xi’an was recently brought to light earlier this year.

The scheme was massive in scope and was reported to have affected around 13,000 investors. This just goes to show that there is the need to educate the investing public to help them spot potential scams that may use cryptocurrency and blockchain to lure their potential victims.

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