Having abandoned all cryptocurrency-related activities within the country, Chinese authorities have continued looking for the ways of controlling the blockchain sector.
At the beginning of spring, China’s Ministry of Industry and Information Technology (MIIT) has revealed the list of objectives, where standardization stands as the major target among all others.
As MIIT has announced in their publication of March 23, establishing a National Blockchain and Distributed Accounting Technology Standardization Committee will be the first step. In order to complete all the objectives mentioned in the list in time, by the end of 2019, the creation of the Committee is set to be formed by the end of 2018.
According to the recent speech of Li Ying, head of MIIT’s Information and Software Department, the committee will be based on a counterpart blockchain commission under the International Organization for Standardization (ISO):
“We have been working closely with the ISO and the International Telecommunication Union (ITU). We should soon have our national technical committee for blockchain standardization ready within this year.”
Li Ying has also confirmed the MIIT’s remark in the earlier published document, that the committee will be set to recommend standards concerning blockchain reference architectures, data format specifications, interoperability, and smart contracts.
In order to provide the blockchain sector with national-level standards, the authorities are planning to implement the requirements for safety, reliability and interoperability, putting the standard of information security above all others. The standards will also look towards the implementation of the blockchain technology across sectors encompassing several decentralized designs.
In March 2018, the Chinese government in collaboration with its central bank has also formed the Blockchain Registry Open Platform (BROP) that controls development of intellectual property rights on the blockchain.
China has been investing billions of dollars towards developing several blockchain solutions and continues to struggle for the global leadership in the sector, as the blockchain technology is going to be at the heart of next technological revolution as well as industry development.