Chinese Authorities To Introduce Three Blockchain Standards By End Of 2018
The representatives of the China Electronics Standardization Institute (CESI) announced their plans to develop three blockchain standards till late 2018 that will contribute to the blockchain industry development in the country, China Money Network reports.
The specialists will create standards related to smart contracts, confidential information safety, and deposits. All of them will be aimed at developing a distributed ledger, Li Ming, CESI Director, claimed.
The future documents will include common specifications and standards related to information security, business operations, as well as various processes and methods. All of them should be the basis for standards both in China and worldwide, Lee stated.
Government officials began talking about the creation of blockchain standards in the fall of 2016 when documents on innovative technologies and distributed ledger architecture were published. Then, in May 2018, this topic was discussed again, and the deadline for the standards' release was determined — the end of 2019.
Investment in blockchain is growing, but some people remain skeptical about the technology, so the distributed ledger requires the adoption of international standards, Craig Dunn, the head of the International Standardization Technical Committee for DLT, stated at the Shanghai blockchain conference.
As previously reported, Chinese judges are using distributed ledger technology to resolve legal disputes.