China announced that it intends to set up a national standard for blockchain in a bid to promote the building of a blockchain standard system. An official familiar with the matter has disclosed that by the end of 2019 the new system will be completed, but of course that is if everything plays out according to plan.

Issues surrounding the set up of a national standard plan for blockchain

Li Ming, an official working with the Ministry of Industry and Information Technology has revealed in an interview that the plan for the establishment of a Chinese national standard plan for blockchain has been completed already.

Related departments are helping the organization to come up with a national blockchain and distributed Accounting Technology Standardization Committee and the matters it will be focusing on are already laid out.

According to Li Ming, the blockchain national standards include information security standards, business and application standards, basic standards, information security standards and above all the credibility and interoperability standards.

Recent developments

It was at the 2018 Blockchain Security Summit that the director of the National Center for Information Technology Security Research, Yu Kequn, outlined that the development of blockchain technology could end up becoming a crucial step for China to get hold of the global technological competition. The top official added that blockchain would culminate in new industry development as well as in a new round of technological innovation with a rapid momentum.

Yu Kequn takes the strong stand that blockchain technology is the latest integrated application of distributed data storage, consensus mechanisms, peer-to-peer transmission, distributed data storage and encryption algorithms. It pulls along with characteristics of anonymity, tamper resistance, openness and decentralization.

It was in March that China’s national government put in place a Blockchain Registry Open Platform (BROP) and that it did through the central bank in the country. It is focused on the development of intellectual property rights on the blockchain, an undertaking it hopes to be successful with.

There are a number of other applications of blockchain in segments such as logistics, supply chain, cross-border payments, identity management and digital governance.