China is Working On Establishing National Blockchain Standards by 2019

China has begun to establish a national standard for blockchain to promote the building of a blockchain standard system from the top-level, and it is expected that the new system will be completed by the end of 2019, according to Chinese state media reports.

Li Ming, director of the Blockchain Research Office of the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology, said in an interview with a reporter from the Economic Information Daily that a Chinese national standard plan for block chain has been planned and related departments will also set up a national blockchain and distributed Accounting Technology Standardization Committee.

Li Ming revealed that these standards include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards, and will further expand the applicability of the standards.

Yu Kequn, director of the National Center for Information Technology Security Research, recently stated at the 2018 Block chain Security Summit.

“The development of blockchain technology may become an important step for China to grasp the global technological competition (…) It can be applied in the production chain, management chain, and transaction chain, and it will bring the entire life cycle of restructuring to different areas, so that the life cycle can be managed and traceable.”

At the same time, on the banking side, China’s biggest banks including Bank of China, China Construction Bank, and others have also started the layout of blockchains, applied to such fields as poverty alleviation, international trade, housing leasing platforms, and e-commerce supply chains.

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