The China Electronics Standardization Institute (CESI) working for the Chinese Ministry of Industry and Information Technology (MIIT) has announced a blockchain standards project to standardize the industry in the country.
The CESI project involves the release of three blockchain standards, which are not based on a national approach to standardizing the industry, but outline requirements for smart contracts, privacy and deposits which could be used as a foundation for changes within the overall industry in the future.
The Blockchain Technology and Industry Development Forum (CBD Forum) of CESI wants to draft up the three blockchain standards by the end of 2018, with a possible release in 2019. CBD Forum has been largely responsible for drawing up guidelines for blockchain development in China, having so far published “China Blockchain Technology and Application Development White Paper (2016)” and “Reference Architecture of Blockchain” standards under instruction from MIIT.
Li Ming, a director of blockchain research lab of the (CESI) confirmed, “The association-based standards will serve as a foundation on which national and international standards can make reference to or be based on.” However, it is not clear what situation would warrant other nations feeling the need to refer to Chinese standards as many are working on guidelines of their guidelines of their own. At a recent Shanghai blockchain conference, chairman of the International Standardization Technical Committee for Distributed Ledger Technology, Craig Dunn said:
“The blockchain is gradually being accepted, and more and more people are beginning to recognize, invest in or use blockchain. But at the same time, many people are skeptical and international standards are needed… At present, more than 50 countries are participating in the development of blockchain standards, including China.”
Li Ming emphasized that China’s blockchain requirements are simply recommended standards so consequently not mandatory; there as a reference point for the developing blockchain industry.
The Communist Party of China (CPC) has recently published its own blockchain guidebook that observes the technology’s key features. The book, Blockchain – A Guide for Officials, covers many facets of the nascent technology which will offer counsel to government officials.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post China Claims Proposed Blockchain Standards Will Guide Industry appeared first on BitcoinNews.com.