Get trading recommendations and read reviews on Hacked.com for only $ 39 a month
The Chinese Ministry of Industry and Information Technology is working on creating national standards to propel and implement blockchain technology. ]
Yesterday, at an announcement on an official government website, the Chinese Ministry of Industry and Information Technology revealed that he had already conducted a special study exploring a standardization framework for blockchain technology at the national level. The process allowed the Information and Software Services Division of the Ministry and the China Electronics Standards Institute to propose the creation of a new Technical Committee.
As it stands, China is part of TC 307 of the International Organization for Standardization (ISO) alongside 30 other participating countries that are working on the development of international standards for blockchain technology. As previously stated, ISO has designated Australia to lead the international effort which now sees 7 blockchain ISO standards under development.
Acknowledging China’s participation in the ISO effort, the Ministry of Information Technology has declared “positive progress” in the search for standards for the facets of the blockchain , including identity authentication and smart contracts. The need for a “complete standard blockchain system” at the national level, says the Chinese Ministry of IT, means that it is necessary to work and develop the country’s efforts to introduce standards “the most early possible.
The department also said that its IT and software services division will seek to promote blockchain technology, accelerate the establishment of the blockchain standardization committee, and support the development of the blockchain industry across the country.
The embracive stance towards blockchain technology contrasts sharply with China’s restrictions on local cryptocurrency markets, which have made illegal initial currency offerings and cryptographic exchanges to effectively shut down domestic markets. Blockchain technology has also been highlighted in China’s biggest political scene, the Two Sessions, in recent days. A politician even called for a national platform for digital asset trading on a chain of blocks that would be supervised by the central bank and other authorities. Another head of the big Chinese regulatory agency called for a “decentralized system [blockchain] based on a centralized structure.”
China joins Russia in publishing an effort to develop standards for blockchain and distributed ledger technologies [DLT].
Image from Shutterstock to photo
Follow us on Telegram.