Chinese Official Reveals National Blockchain Standards Under Development

Asia Blockchain Review
July 23, 2019

The Chinese government has been highly supportive of domestic blockchain developments. As part of efforts to advance the technology, Chinese authorities are setting the framework to develop a blockchain standard going forward.

Standard for Decentralized Ledger Technology

According to CCN, government officials in China are currently working on a standard for blockchain. In an interview published in Xinhua’s Economic Information Daily, a government press agency, an official from the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology has revealed it is cooperating with numerous stakeholders to set a national standard for blockchain technology. 

With this standard, the ministry expects to further drive adoption of decentralized technology in public and private sectors across various industries.

Committee Established to Standardize Blockchain

Li Ming, Director of the institute’s Blockchain Research Office said several government agencies are working together as part of the ‘Blockchain and Distributed Accounting Technology Standardization Committee’.

He added that the standard is likely to be announced by the end of 2019, and will comprise basic standards, process and method standards, business and application standards, information security standards, and credible and interoperable standards.

Moreover, the standard will be focused on security issues in blockchain, while the Chinese government has been working to determine the direction of blockchain development in order to promote the industry, with the committee being key to setting the framework for development.

The world’s second largest economy has been especially committed in its promotion of blockchain through several initiatives. The country is also a member of technical committee 307 under the International Organization for Standardization (ISO).

Source: https://www.ccn.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
Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

Australia’s Monash University Launches Blockchain Research Center
Australia’s Monash University has unveiled a research center that will focus on blockchain innovatio...

December 4, 2019

JPMorgan Tests Blockchain System for Tracking Cars
JPMorgan is developing a blockchain-based system to track the automobile inventory of car dealers ob...

December 4, 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