After abandoning cryptocurrency trading and all related activities in the country, China has accelerated its plans for the development of blockchain technology. The Asian giant has now started working on national standards for the blockchain technology and is confident that it would complete this process by the next year of 2019.
During an interview with Chinese press agency Xinxua’s Economic Information Daily, one of the officials from the Electronic Industry Standards Research Institute, which is under China’s Ministry of Industry and Information Technology, has given the confirmation that the authority is working on establishing national-level standards for the blockchain tech.
In order to compete with global players in the market the authorities are considering implementing top-level, or “top down,” standards that will include the requirements for safety, reliability and interoperability. Moreover, the standards will also look towards the implementation of the blockchain technology across sectors encompassing several decentralized designs.
Li Ming, director of the Blockchain Research Office said that several government institutions are also working towards creating a countrywide ‘Blockchain and Distributed Accounting Technology Standardization Committee’. According to him Chinese authorities are paying a lot of attention to the standard of information security that is of key importance. The creation of this national standard for blockchain will provide a guidance to Chinese industries for adopting the blockchain tech.
Earlier this year in March 2018, the Chinese government in collaboration with its central bank had formed the Blockchain Registry Open Platform (BROP) that controls development of intellectual property rights on the blockchain. During the Blockchain Security Summit 2018, Yu Kequn, director of the National Center for Information Technology Security Research, said that the blockchain technology will be at the heart of next technological revolution as well as industry development.
“The development of blockchain technology may become an important step for China to grasp the global technological competition (…) It can be applied in the production chain, management chain, and transaction chain, and it will bring the entire life cycle of restructuring to different areas, so that the life cycle can be managed and traceable.”
China has been investing billions of dollars towards developing several blockchain solutions and wants to be the global leader in the spectrum. Li Ming said that the rollout of these national standards for Blockchain technology is expected to take place before the end of 2019. While giving some highlights about this, Ming said that it will include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards.
Several Chinese cities like Shenzen, Hangzhou, and others have been seen initiating several blockchain related programs in their provinces while attracting local businesses by providing them with some special grants and technological infrastructure. China is also said to be a part of the technical committee TC 307 operating under the International Organization for Standardization (ISO) along with 30 other nations. According to China’s IT ministry, there is a positive progress within the grouped ISO effort.