Despite cracking down on cryptocurrencies, China is extremely interested in its underlying blockchain technology for which, the country will be publishing the national standards by 2019. The latest developments indicate that China is extremely serious about blockchain.
China goes pro-blockchain with national blockchain standards
China might have taken a harsh stance on cryptocurrencies, forcing the miners and trading platforms to leave the country and find another place to start their operations. However, China is all set to immerse itself completely into its underlying technology, Blockchain.
According to Li Ming, the director of the Blockchain Research Office that comes under the Ministry of Industry and information technology’s Electronic Industry Standards Research Institute the government has already announced the plans.
These standards will take the form of basic, business and application standards and process and method standards focusing on safety, reliability, and interoperability to offer industry guidance.
The Blockchain and Distributed Ledger Technology Standardization Committee will be handling the development of the project.
Yu Kequn, the director of the National Centre for Information Technology Security Research told the local media channel, that by preparing the national standards, the Chinese government is keeping up with the international race to the blockchain, stating that:
“The development of blockchain technology may become an important step for China to grasp global technological competition.”
According to the media sources, these national blockchain standards will be launched by the end of 2019.
China working aggressively towards Blockchain technology development
The move hasn’t come out of nowhere, China has been experimenting with private blockchains. In March, the government launched the Blockchain Registry Open Platform (BROP) to streamline the government processes of various entities that are under the control of People’s Bank of China (PBOC).
Li further said that these standards won’t mean sudden and quick advancement of the nascent industry but would rather provide industry guidance.
China is extremely serious about blockchain as the country has reportedly registered over 200 patents in the international blockchain. According to Global Blockchain Enterprise Patent Rankings 2017, among the top 100 companies, with 49, China has the highest number of patents.
Moreover, as per the Chinese media, government bodies, four major state banks, and big companies are exploring the blockchain applications. Recently, China Blockchain Industry Alliance (CBIA) signed the contract with NULS that will cooperate in areas like popularizing blockchain, application adoption, and blockchain talent training.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.