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China Plans To Draft Three Blockchain Standards

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The Chinese Government is planning to create national blockchain standards to give a fillip to the development of blockchain and distributed ledger technology (DLT) in the country, according to local news outlet chinamoneynetwork.com.

Despite the Chinese government's aversion to cryptocurrency, the nation has been using blockchain technology more than the U.S.

The China Electronics Standardization Institute (CESI), an organization under the Chinese Ministry of Industry and Information Technology (MIIT), plans to draft three blockchain standards, primarily focusing on smart contracts, privacy, and deposits.

The standards, which will be association-based, are expected to be drafted by the end of 2018, to launched be by the end of 2019. These standards will serve as the basis for developing the national and international standards.

The draft will include basic standards, information security standards, process and method standards, business and application standards, as well as credible and interoperable standards.

The CESI's Blockchain Technology and Industry Development Forum (CBD Forum) has been roped in to draft the standards. CBD Forum, which was launched by MIIT in October 2016, has already published the "China Blockchain Technology and Application Development White Paper (2016)" and the "Reference Architecture of Blockchain" standards.

China is one of the leading countries in the world when it comes to implementing new technologies, such as blockchain, AI, internet of things (IoT).

With the growing interest and popularity of blockchain and DLT, there has been a strong effort to bring about international standardization.

A technical committee has already been set up for the standardization of blockchain technologies and DLT by the International Organization for Standardization (ISO). More than 50 countries are participating in the effort.

The development of international standards for blockchain technology is expected to stimulate greater interoperability, speedier acceptance and enhanced innovation in the technology's use and application.

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