Category Archives: ‘Blockchain – A guide for Officials

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China Claims Proposed Blockchain Standards Will Guide Industry

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.

 

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No Rest for China As Country’s Largest Bank Adopts Blockchain

The Industrial and Commercial Bank of China (ICBC) has revealed that it intends to focus on developing blockchain technology.

This is a major development in terms of China’s push to integrate blockchain technology into financial systems as the ICBC is the country’s largest banking institution with over 5,000 corporate and 530 million personal customers.

The bank’s chairman Yi Huiman has indicated that the ICBC will focus on “intelligent banking” and “accelerated deployment in the field of financial technologies”, as it moves forward. This includes cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT).

China’s government has publicly expressed that it is in favor of blockchain technology, with comments made at the highest level that it plans to integrate it wherever possible. This commitment doesn’t extend to cryptocurrency, which it continues to publicly admonish and prohibit at every opportunity, both at government level and in the state-run media.

In August the government released its guide entitled ‘Blockchain – A guide for Officials’,  which covers many facets of the nascent technology offering counsel to government officials. In an excerpt from the book in the chapter ‘From Internet Thinking to Blockchain Thinking’, Ye Hao, president of People’s Network writes:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

Such opportunities are being seized almost weekly in China, with fresh developments utilizing DLT such as projects targeting the State Aerospace Industry, updating its electronic invoicing using the tech. In Sichuan Province just last week, a new blockchain company has been formed to target “forestry economic development and industrial poverty alleviation”.

 

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