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China Drafting New Blockchain Standards for 2018

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China blockchain

The China Electronics Standardization Institute (CESI) is releasing three new blockchain standards for smart contracts and privacy.

All in an effort to improve the country’s rapid development of the blockchain industry

In fact, CESI’s standards will include basic standards, information security standards, process and method standards, business and application standards and credible standards.

In addition, standards will be association-based, and not on national standards.

“The association-based standards will serve as a foundation on which national and international standards can make reference to or be based on,” said Li Ying, head of MIIT’s Information and Software Department.  “The blockchain standards are all recommended standards and not mandatory. They will be drafted to be used as a reference to guide the development of the industry.”

There’s also hope the country will draft the needed standards by the end of this year.

“The development of blockchain technology may become an important step for China to grasp international competition,” said Yu Kequn, director for the National Center for International Security Technology.

We have to also consider that major companies and government agencies in China are already deep in blockchain research.  Major state banks are on board with blockchain, as well for security and transparency.  In addition, Alibaba and Tencent are experimenting with blockchain platforms to facilitate and track cargo.  Telecom companies are using it to protect intellectual property, too.  

The China Internet Report 2018 highlights the country’s efforts to become a blockchain leader

President Xi Jinping wants to use blockchain to build a smart city.

Blockchain technology, artificial intelligence, and the Internet of Things are all major components of the “smart cities.”

According to Smart Cities World, “China is taking a more collaborative approach than some countries to smart cities by using the strengths of its top technology companies: Ping An (P), Alibaba (A), Tencent (T), and Huawei (H) to develop the PATH to Smart Cities initiative. So far over 500 cities in China have plans for smart city development.”

The blockchain opportunities are truly endless.  New standards set forth by China can only help foster growth.

 

 

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