A governmental body in China is developing standards for distributed ledger technology and blockchain in the country.
Yesterday, an announcement was released by the Chinese information and technology ministry stating that steps are already being taken to foster the use of blockchain technology. A research seminar will soon be hosted to discuss these standards and how to build the framework as a whole to push the country ahead using this new technology.
The idea was proposed by the Electronics Standardization Institute in China with the guidance of the IT ministry. They intend to form a new committee that will take the lead in the new plan.
The country is dedicated to staying ahead technologically. According to the ministry, several international standards organizations have been weighing the roles of blockchain and DLT in furthering the country technologically.
Although the country is actively participating in the TV 307 commission that focuses on the use of blockchain in issuing smart contracts and authenticating transactions, the IT ministry is still interested in developing a country-specific initiative.
This is also in line with the positive stance the Chinese government recently has taken regarding the adoption of blockchain irrespective of the harsh sanctions that have been taken against cryptocurrency-related practices.
This announcement was made a few days after the biggest yearly political conference in China was completed. The conference was full of policy advisors who gave recommendations on the regulations and guidance that will ease blockchain development and adoption.
The announcement is a win for advocates of blockchain technology. It shows that the Chinese government is easing into the idea of making China a better place by exploring the limitless possibilities of blockchain. The goal is to slowly make life easier by using blockchain to solve many problems.