China To Introduce Blockchain Standards by End of 2019 - Report
Blockchain technology to be implemented in various sectors.
China is developing national standards for blockchain that are due to be rolled out by the end of 2019, government official Li Ming said in an interview for local Economic Information Daily on Thursday.
The report follows an announcement by the Ministry of Industry and Information from March 12, saying that it has already begun exploring a framework for standardized blockchain technology.
According to Li Ming, blockchain director at an institute part of the Chinese Ministry of Industry and Information Technology, the areas covered by the national standards are:
- basic standards;
- business and application standards;
- process and method standards;
- credible and interoperable standards;
- information security standards.
The scope will be further expanded, the daily wrote.
Central for the initiative will be ensuring information security, Li Ming maintained and added that the national blockchain standards are not meant to boost the development of the industry, but will rather give it some guidance.
China and blockchain
Although China prohibited Initial Coin Offerings (ICO) in September 2017 and local media have been reporting on governmental plans to ban cryptocurrencies trading, the country has a different stance towards the technology behind digital coins. Together with 34 other countries, China is a member of the technical committee TC 307 under the International Organization for Standardization (ISO), which is in charge of establishing international standards in blockchain and distributed ledger technologies.
As per a patent application, filed in November 2017, but disclosed this week, the Chinese Ministry of Public Security is interested in using a blockchain-based system to time-stamp forensic data stored on cloud platforms. The system proposed by the ministry is set to provide a more secure deposition of evidence gathered in police investigations.
Desmond Marshall, managing director of Israel-based fintech innovation center The Floor, also backs the notion that China is a fruitful ground for blockchain technologies. While cryptocurrencies and ICOs are a “definite no-no”, blockchain is thriving, Marshall told news outlet Finance Magnates on Monday. He went on to say that the technology sector in China has boomed and people are eager to explore blockchain and its applications.
“From the government itself to local provinces, down to new startup companies - pretty much anything you can think of, they have already thought about or are already in the process of developing blockchain technology to be applied in those areas,” according to Marshall.
Chinese financial news source CEBNet wrote on May 4 that 12 out of 26 local banks employed different blockchain applications in 2017. The information comes from the banks’ annual performance reports and concerns both state-owned and private banking institutions.
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