China Accelerates Efforts to Create National Standards For Blockchain

A Chinese government body is preparing national standards for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term ‎and distributed technologies, which will be published by the end of next ‎year, the Economic Information Daily ‎reports.‎

The roadmap involves setting up a technical standardization committee to identify ‎key stakeholder issues and develop a priority list of standards for development to ‎support blockchain technology. All relevant industries will be invited to participate in the ‎road mapping exercise, said Li Ming, director of the Blockchain Research ‎Office at China’s Ministry of Industry and Information Technology.‎

Ming said in an interview the efforts would include identifying issues and use ‎cases, defining work streams and developing a ‎draft work ‎program. ‎‎The Chinese official explained that the committee would focus on "basic ‎standard, operating and applying standard, processing and method standard, ‎and information security standard."

It is also looking into terminology and ‎concepts, security risks and vulnerabilities, identity, distributed data store, point-to-point transmission and encryption algorithm. ‎

The move is a clear indication that China is prepared for blockchain standardization. ‎Now a committee will be formed to lead the effort after the country has been ‎actively pursuing blockchain standardization efforts through‎ international channels such as the TC 307 committee.

The initiative comes as China is escalating its clampdown on cryptocurrency trading in a bid ‎to finally defeat the market completely.

The move is an acknowledgment of the fact that recent ‎attempts to stamp out the crypto ‎frenzy by shutting down ‎service providers at home have failed to ‎completely ‎eradicate the mania that has been sweeping China.‎

China’s raid on the digital asset class, which started in ‎‎September 2017, failed to dampen local investors’ ‎enthusiasm, as many have resorted to online payment ‎accounts and P2P venues to get ‎around the crackdown. ‎