China to Draft for Three Domestic Blockchain Standards in 2018

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The China Electronics Standardization Institute (CESI), a government organization under the country’s Ministry of Industry and Information Technology (MIIT), plans to release three blockchain standards for smart contracts, privacy and deposits as a way to improve the country’s development of the blockchain industry.

The standards, which would be association based, were announced by Li Ming, a director of the research lab, during a recent presentation to Deep Tech, a Chinese media outlet, according to China Money Network.

The standards, which include basic standards, information security standards, process and method standards, business and application standards, and credible standards, will provide the basis for national and global standards according to Li. He said the standards will be released by the end of next year.

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.

IT Ministry Cites Urgency

China’s IT ministry earlier this year stressed the need to develop standards as soon as possible, and cited “positive progress” in the group ISO effort to create seven standards covering core blockchain facets such as smart contracts. The ministry has emphasized the need to develop a full blockchain standard system domestically.

The standards are recommended standards and not mandatory, Li said, and are intended as a reference guide.

Featured image from Shutterstock.

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