"ASAP": China is Working Toward National Blockchain Standards
China's business & IT ministry is working toward creating domestic standards to propel development and implementation of blockchain technology in the country.
In an announcement on an official government site yesterday, China's ministry of industry and information technology demonstrated that it has conducted a 'special study' exploring a framework for standardizing blockchain technology domestically. The process has seen the Ministry's data and applications services department and the China Electronics Standardization Institute propose a new technical committee to be established.
As things stand, China is part of the committee TC 307 under the International Organization for Standardization (ISO) along with 30 other participating countries working toward global standards for blockchain technology. As mentioned previously, the ISO appointed Australia to lead the international effort which now sees 7 ISO blockchain criteria under development.
Acknowledging China's involvement in the ISO endeavor, the IT ministry claimed «positive progress» in researching standards for core blockchain aspects including identity authentication and smart contracts. The need for a «complete blockchain standard system» domestically, China's IT ministry clarifies means it is necessary to work and develop the country's own attempt to present standards «when possible.»
The Ministry also said its IT and software services division will look to market blockchain technology, fast-track the institution of the blockchain standardization committee and back the evolution of the sector in the country overall.
Blockchain technology has also been under the spotlight on China's largest political stage, the Two Sessions, in recent days. One politicians even called for a nationwide digital asset trading platform over a blockchain that would be controlled by the central bank and other authorities. Another official from major Chinese regulatory agency called for a «decentralized [blockchain] system based on a centralized structure.»
China joins the likes of Russia in publicly revealing an effort toward developing criteria for blockchain and distributed ledger technology [DLT].