China to Issue National Blockchain Standard Next Year
China is set to roll out a national blockchain standard next year, according to an official from the China Electronics Standardization Institute. The country is trying to boost blockchain innovation and applications for enterprises and the government.
The Chinese Institute has drafted the blockchain standard and is getting set to approve it, according to Li Ming, director of the Blockchain Research Office at the standardization body. The comments were made during the Fifth China Blockchain Development Competition, which was held in Chengdu, Sichuan.
China has also released its latest Five-Year Plan, which outlines development goals for the country and elevates blockchain to the same level of importance as artificial intelligence (AI), big data and cloud computing.
In discussing the new blockchain standard, Ming noted that unified standards are essential for connectivity, citing WiFi and Bluetooth as examples. Once the standard has been finalized, the Institute will begin drafting evaluation criteria around it with the end goal of creating a "benign" ecosystem.
Ultimately, China aims to export Chinese-made blockchains and standards. China has a bit of a unique take on the decentralized nature of blockchain, with the authoritarian goal of retaining some benefits of decentralization while still maintaining centralized control of networks. Chinese government projects like the Blockchain Services Network and Xinghuo Chain use an "open permissioned" protocol designed to maintain that centralized control.
Two years ago, the International Telecommunications Union (ITU) released a toolkit of cross-industry blockchain guidelines. The organization issued eight reports outlining specifications, use cases, regulations and standards for distributed ledger technology (DLT). Participants in the ITU's DLT focus group include the China Academy of ICT, Brazilian Development Bank, Huawei and Russia's Fintech Association.
Edited by Maurice Nagle
