China will establish blockchain standardization committee by the end of 2018

28 May 2018

According to the statement made by Li Ying, head of the Information and Software Department at the Ministry of Industry and Information Technology, China, the country will be pushing forward to establish a blockchain standardization committee as early as by the end of the current year.

During the speech at the 2018 Guiyang Big Data Expo on Saturday, Li noted that the structure of the new body will be based on the model of TC 307, a blockchain commission under the egis of the International Organization for Standardization (ISO).

Li added that the Chinese government plans to develop a comprehensive legislative framework for blockchain standards by the year end, noting that China has been closely cooperating with the ISO and the International Telecommunication Union (ITU) over this issue.

Li explained that the objective of creating national blockchain standardization committee is to accelerate the process of developing blockchain ecosystem in the spheres, which require the innovative technology more than others.

While China is a member of the ISO initiative, TC 307, this March the ministry emphasized China’s interest in creating their own blockchain standardization project, and the research laboratory under the control of the IT ministry is currently performing monthly assessment of key public blockchains with a view to develop a standard ranking scheme.

Blockchain techs
Mastercard may launch a payment system for fast cryptocurrency transactions
Banking techs
Korea digitizes mortgage and loan documents on a blockchain platform
Articles
Writing a White Paper for an ICO: expert recommendations
Show more posts...