China will establish national blockchain standards by the end of 2019, a government representative told local news on May 10.
The director of the Blockchain Research Office of the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology, Li Ming expressed at the Xinhua’s Economic Information Daily (EID) that a group called the Distributed Accounting Technology Standardization Committee has already been put in charge of this project.
Yu Kekun, the director of the National Center for Information Technology Security Research said,
“The development of blockchain technology may become an important step for China to grasp the global technological competition.”
“It can be applied in the production chain, management chain, and transaction chain, and it will bring the entire life cycle of restructuring to different areas, so that the life cycle can be managed and traceable,” he added.
The deputy director of the Department of Information Security at the First Institute of the Ministry of Public Security, Hu Guangjun is convinced that the blockchain technology will integrate relationships and the physical world together in a near future.
China has created many projects powered by the blockchain technology as it is the country who filed the most blockchain patents in 2017.