China Preparing National Blockchain Standard

in #bitcoin6 years ago

Chinese authorities are working to develop a national standard for blockchain technologies and applications. The new system should be completed and introduced by the end of 2019, according to reports by state-controlled media in the People’s Republic.

A national standard plan for blockchain is under preparation and respective departments will set up a national blockchain and distributed Accounting Technology Standardization Committee said Li Ming, director of the Blockchain Research Office at the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology. Li Ming told the Economic Information Daily that the national blockchain standard will include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards. He also added that the scope of its applicability will be expanded in the future.

According to a recent statement by Yu Kequn, director of the National Center for Information Technology Security Research, “The development of blockchain technology may become an important step for China to grasp the global technological competition.” Yu Kequn also noted that blockchain technology is a new integrated application of distributed data storage, peer-to-peer transmission, consensus mechanisms, and encryption algorithms. “It has the characteristics of decentralization, openness, tamper resistance, and anonymity,” the official pointed out and added: “It can be applied in the production, management, and transaction chains, and it will bring the entire life cycle of restructuring to different areas, so that it can be managed and traceable.”

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