A governmental unit of China is developing three “blockchain standards” to govern privacy, deposits, and smart contracts.
◆Li Ming is the director of the China Electronics Standardization Institute, known as CESI.His opinion is that the three blockchain-focussed standards will be associated-based, instead of a nationwide issuance. Discussions over this started in the middel of the year 2k18, and the standards are expected to be revealed at the end of 2k19.
The block-chain standards provide a foundation for structure of national and international standards referring to Chinese enforcement.
Standards To Be Drafted This Year
CESI’s Blockchain Technology and Industry Development Forum (CBD Forum) hopes to draft the three blockchain standards by the end of this year. The Ministry of Industry and Information Technology of China launched CBD Forum in October 2016 and published the “China Blockchain Technology and Application Development White Paper (2016)” and the “Reference Architecture of Blockchain” standards.
Craig Dunn, chairman of the International Standardization Technical Committee for Distributed Ledger Technology, said during a recent blockchain conference in Shangai that international standards are needed as blockchain investment and acceptance are increasing but many people are still skeptical.
China's Blockchain Push
China has developed DLT systems for governance, tax collection, shipping, and even invested $1.6 billion in a “blockchain incubator park” based in Huangzhou.
The creation of national standards is a necessity both for the industry to grow optimally and to earn adequate trust from citizens. China’s development in this regard can presumably be followed by other major jurisdictions, including the U.S., U.K., and the European Union.