China Will Form National Blockchain Standardization Committee This Year
| Updated by Eugenia Kovaliova · 2 min read Photo: Pixabay
Chinese authorities continue to standardize the blockchain sector, aiming to form National Blockchain Standardization Committee by the end of 2018.
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.
Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.
In his speech, Barr also highlighted the need to prioritize establishing stablecoins oversight in the US. Notably, he referred to these assets as “unregulated private money.”
The discussion will continue till June 30. Then, the EU is expected to announce the final decisions at a meeting of representatives from the European Parliament, the European Commission, and the Council of the European Union.
