China Pushes on National Standards for Blockchain
Although China has surrendered its crypto pursuits long back eight months ago, the Asian giant is spearheading its plans to emerge as the global leader in developing blockchain solutions. China is now working in establishing national standards for blockchain in a bid to promote local business to build blockchain solutions from the top-level.
According to reports from the Chinese media, China is expected to complete the work with the new system by the end of 2019. Li Ming, director of the Blockchain Research Office of the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology stated that the plans for a national blockchain standard are already in place and that and related departments have been asked to establish the ‘Blockchain and Distributed Accounting Technology Standardization Committee’.
Ming said that one of the key aspects while developing the blockchain standards will be the security that the blockchain technology provides. The official also clearly stated that the need of a blockchain standard was to properly channelize the hugely spread blockchain market in the country and thus guide the industry players in the right direction.
Ming said that the rollout of these blockchain standards will include basic standards, process and method standards, business and application standards, information security standards and credible and interoperable standards.
China’s intense work on blockchain over the last few years makes it hold more than 200 patents on the international blockchain. According to the Global Blockchain Enterprise Patent Rankings 2017, out of the top 100 companies with the highest number of registered blockchain patents, China leads with 49 companies and the United States is the second with 23.
During the 2018 Blockchain Security Summit, Yu Kequn, director of the National Center for Information Technology Security Research, said that blockchain is the driver of the next technological revolutions and innovation.
He said: “The development of blockchain technology may become an important step for China to grasp the global technological competition (…) It can be applied in the production chain, management chain, and transaction chain, and it will bring the entire life cycle of restructuring to different areas, so that the life cycle can be managed and traceable.”
A lot of Chinese startups and big technology companies have already started working on implementing blockchain solutions at their end. The local governments of some of the Chinese cities like Hangzhou and Shenzhen have initiated several blockchain programs to fund local companies of that province and give a boost to blockchain development in that region.