China plans to bring National Blockchain Standard in 2022


As per the news site Chuanguan, an official from China Electronics Standardization Institute disclosed that the Chinese technology standardization entity is planning to release a national blockchain standard in 2022.

During the fifth Blockchain Development Competition in Sichuan, Li Ming, the director of Blockchain Research Office under the country’s standardization institute, said that the institute has already created a standard and is planning to approve it.

After cracking down the crypto in the country, the government aims to boost blockchain innovation, development, and applications in businesses across the country. It also brought a five-year planning document recently, that outlines the development goals. China puts blockchain, Artificial intelligence, cloud computing, and big data on its priority list.

Ming added that the standards are crucial for any industry and gave an example of WiFi by saying that devices from different manufacturers would not connect to a network if we did not have a unified standard.

The director further informed that after setting up standards, the body would draft evaluation criteria to create a “benign” ecosystem.

China aims a centralize control

The Government of China structured the key projects, including Xinghuo Chain and Blockchain Services Network, in such a way that they follow an “open permissioned” protocol. This protocol maintains centralized control while retaining some major benefits of Decentralization. 

Ming said that these projects also aim to export Chinese blockchain and standards projects. 

In 2020, the People’s Bank of China, Huawei, and the China Academy of Information and Communication Technology came forward to bring blockchain standards for financial applications. The specialized agency International Telecommunication Union passed the standards set.

The China Electronics Standardization Institute works under the Ministry of Industry and Information Technology and is responsible for drafting tech standards for the country.

As TheCoinRise reported, the Chinese government has refused to be kind and is currently tracking the IP addresses of small crypto miners.

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