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A Chinese government-backed corporation hopes to provide three sets of blockchain standards on privacy, deposits, and smart contracts as part of an ongoing push to encourage the development of blockchain organizations in China. An October 8, 2018 report from China Money Network quotes people with knowledge of the matter saying that China aims not only for enhanced adoption of the technology in the country but also seeks to establish global thought leadership in the field of blockchain technology.

National Blockchain Standards

The information was revealed by Li Ming, a director of the Blockchain Research Lab of the China Electronics Standardization Institute (CESI), a government corporation under the Ministry Industry and Information technology. Speaking to Deep Tech, a Chinese media outlet, Li revealed that the initiative is part of an ongoing project to set national standards on blockchain technology which kicked off during the first half of the year.

The three standards, expected to be released by the end of the year, will be association-based rather than national standards. According to Li Ming, it will serve as a benchmark on which national and international standards can be based on or be referred to.

The CBD forum (blockchain technology and industry Development Forum) plans to prepare a preliminary version of the documents on the three standards by the end of 2018. Under the supervision of the Ministry of Industry and Information in China, the Forum was founded in October 2016 and has published the “China blockchain technology and application development white paper” (2016) along with the “Reference Architecture of Blockchain” standards.

China’s Government-Backed Blockchain Development Push

Despite having some of the world’s strictest anti-cryptocurrency laws in existence, the Chinese central government remains firmly committed to blockchain development in the country with Prime Minister Xi Jinping recently describing blockchain as a “breakthrough technology that will herald the fifth industrial revolution.”

The country is the site for some of the world’s most ambitious blockchain-related projects spearheaded by tech giants like Tencent and Alibaba. In September, China leads the world in annual blockchain patents issued. However, regarding overall investment, the U.S. still maintains global leadership.

Speaking during a Shanghai blockchain conference recently, Craig Dunn, chairman of the International Standardization Technical Committee expressed optimism that a unified international set of blockchain standards led by Chinese participation will encourage adoption and investment in the space.

He said:

“The blockchain is gradually being accepted, and more and more people are beginning to recognize, invest in or use blockchain. But at the same time, many people are skeptical and international standards are needed. At present, more than 50 countries are participating in the development of blockchain standards, including China.”

The director reiterated that China’s blockchain standards are not mandatory but are all recommended standards, to be used in directing the evolution of the industry.