National Blockchain Standard Upgraded and Published by China

According to CGTN, a state-run news channel, China’s Ministry of Industry and Information Technology (MIIT) has released a national standard for blockchain technology to direct the growth of the sector in the nation.

The guidelines, which are meant to be used to better comprehend and make use of the new technology, are said to standardize the functional architecture and fundamental components of the blockchain system.

The standard, according to MIIT, intends to hasten the standardization of China’s blockchain industry and encourage further growth. According to Global Times, more than a hundred blockchain businesses in the nation have incorporated the standard into their business practices.

Improving Blockchain Technology

The Chinese fintech industry’s watchdog, the Ministry of Industry and Information Technology, declared on 28 March that it would raise the bar for the advancement of blockchain technology by 2025.

The details are from a draft of the ministry’s rules made available online, along with a request for public feedback on blockchain development from “all walks of life.”

The public were given time until April 28 to provide any additional feedback on the draft. China plans to decide on the design for its blockchain and distributed ledger technology standards system sometime this year.

This progress is in line with China’s five-year plan for “National Economic and Social Development and Vision 2035 of the People’s Republic of China,” which gave specific technological advancements a 2025 target.

One example of such advances is the digital sector, which includes blockchain as an objective for growth, and the quality of such industries including communications equipment, core electronic components, and key software, will be improved.

Despite its stringent opposition to cryptocurrencies, China has actively investigated using blockchain technology. According to a Chinese government official in September 2022, 84% of all blockchain applications that were submitted globally came from China.

China opened a new national blockchain research center on May 10 with the goal of establishing connections between academic institutions, programmers, and blockchain companies to promote the development of the sector. The goal of this center is to conduct research and create ideas that will facilitate China’s entry into the blockchain industry.

Earlier this year, the Beijing Municipal Science and Technology Commission released a white paper that covered a number of different technologies, including blockchain and AI. In this paper, it was emphasized that the country is committed to web3 and metaverse advancements and that it intends to lead the sector by 2025.

Several members of the cryptocurrency community, including Binance CEO Changpeng Zhao, commented that the publication of the white paper at the right time indicated the start of a more open approach to digital assets.

Conclusion

According to the Chinese government, 84% of all blockchain applications submitted globally as of September 2022 originate from China. However, it was discovered that only 19% of all submitted applications were accepted.

Nevertheless, there is a thriving blockchain industry in China. China’s blockchain business is home to more than 1,400 companies, according to a national white paper. It is plausible that China will soften its official stance on cryptocurrency sometime in the near future.