- Blockchain standards will be association-based rather than national standards.
- The national blockchain standardization committee could be in place by the end of this year.
- The blockchain standards will be recommendations and not mandatory.
China’s Electronics Standardization Institute (CESI) plans to release three blockchain standards on smart contracts, privacy and deposits this year. The announcement in the China Money Network publication said three standards will be association-based rather than national standards.
Major Boost to the DLT in China
The China Electronics Standardization Institute (CESI) is a government-based organization that operates under the Ministry of Industry and Information Technology (MIIT).
MIIT’s head of Information and Software Department, Li Ying, announced in May 2018 that the government was planning to establish national standards for blockchain to assist with implementing the Distributed Ledger Technology in different sectors incorporating several decentralized designs. The minister had promised that he expects the national blockchain standardization committee would be in place by the end of this year.
During a recent question-and-answer session with the media outlet Deeptech, a blockchain research lab director at CESI Li Ming, stated that the three blockchain standards would be released before the end of the year. Li told the publication:
“The association-based standards will serve as a foundation on which national and international standards can make reference to or be based on […] 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.”
During a recent blockchain conference that took place in Shanghai, the chairperson of the International Standardization Technical Committee for Distributed Ledger Technology told the participants that there was a need for international standards on blockchain investment and adoption even though many people were still skeptical of the emerging technology.
China Going Big on Blockchain, Not so Much on Crypto
The government of China has continued to send mixed signals to the blockchain and crypto community. The authorities have cracked down on Initial Coin Offerings and cryptocurrencies but the country seems to support investment in blockchain technology.
Like we reported before, several local authorities have shown a clear pro-blockchain attitude and are already funding multi-billion dollar initiatives and blockchain-based projects.
Blockchain Reporter reported last in September that the People’s Bank of China’s (PBOC) Digital Currency Institute was partnering with industries and research and development institutions to open new study centers across the country. The research center would open a new center in Nanjing to facilitate a wider distribution of blockchain and related Fintech.
Li Ming has said that the forthcoming China’s blockchain standards will be recommendations and not mandatory. Once the standards are drafted, they will be used as a reference point to guide the development of the blockchain industry.
