China Unveils Guidelines for Blockchain Node Communication

Asia Blockchain Review
January 13, 2020

The country’s latest regulatory moves revolve around blockchain patent applications 

China has always been at the forefront of how they monitor and regulate blockchain technology. The latest news seems to be focused on blockchain patent applications and node communication.

While the nation focuses on distributed ledgers, it is possible that patent filings will be in the mix as well. These filings will have to adhere to strict standards, while patent applications for blockchain and other innovative technologies often require its own rules and guidance.

Most of these changes will apply to DLT, AI and big data. Interestingly, blockchain node communication seems to be under the purview of these changes as well. Privacy challenges during the communication process is always a factor, and it seems some sort of certification will be used for communication requests between nodes.

A very important move forward by China

This is another important step by China, as it seems very serious in their blockchain push. A report by IDC indicates that China will spend over USD$2 billion on blockchain by 2023. Most of the spending in the last year was focused on the banking sector.

Other industries of interest in China include retail, manufacturing, and professional services. A transformative technology that features an immutable record of data that can be used and shared within a decentralized and publicly accessible network, blockchain has various application scenarios including in the cryptocurrency space.

During a study session of the Communist Party of China Central Committee Political Bureau in October, China’s top leadership underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to quicken development in the sector.

Source: Nulltx.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    How Blockchain has Helped the Business of E-commerce
    Blockchain technology is poised to revolutionize the e-commerce business industry. It offers an unpa...

    January 23, 2020

    Securing SEA’s Financial Networks with Blockchain
    As cryptocurrencies gain wider use among Southeast Asians, so too must blockchain solutions be devel...

    December 30, 2019

    Thailand: The Land of Blockchain
    As the country forges ahead on its Thailand 4.0 development agenda, firm government commitment and s...

    December 27, 2019

    Blockchain for Safer, more Afforable Telecommunications in SEA
    This article examines the use of telecom services in Southeast Asia, the industry’s unresolved probl...

    December 16, 2019

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us