A Chinese government body is preparing national standards for blockchain 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 standardisation 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.
Mr. Ming said in an interview the efforts will include identifying issues and use cases, defining work streams and developing a draft work program. The Chinese official explained that the committee will 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 standardisation 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 quash the market completely.
The move is an acknowledgement 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.