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

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