China Would Have National Standard For Blockchain by 2019
China has started off with yet another ambitious project revolving around the blockchain industry. By 2019, the country would have a national blockchain standard established.
The Director of the Blockchain Research Office of the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology, Li Ming, said in a recent interview with Economic Information Daily by Xinxua, the Chinese press agency that they are working towards establishing the national standards for the blockchain technology.
Pretty soon, China would be having standards for the implementation of the blockchain technology in different sectors across many decentralized designs.
He revealed that the national standards would include business and application standards, basic standards, credible and interoperable standards, process and method standards, and information security standards. In the future, however, there would be a great deal of expansion in the applicability of these standards.
These standards are expected to be rolled out before 2019 ends.
Li Ming emphasized how important security is when it comes to the blockchain technology and insisted that security would be one of the key aspects when the standards would be developed. He further stressed that the government is aiming to guide the industry with the national blockchain standards instead of hastening with the advancement of the development of the technology in the country.
The Chinese IT ministry has earlier stressed the importance of having national blockchain standards earlier as well. China, alongside 30 other participating nations, is a member of the technical committee (TC) 307 led by Australia under the International Organization for Standardization (ISO). They have stressed a lot about creating a “complete blockchain standard system” on a domestic level, and are finally taking steps to implement it.