The Call for Blockchain Standardization
On November 12, an enlightening document dropped from the Cyberspace Administration of China (CAC), putting blockchain enthusiasts at the edge of their seats. The document, penned by Zhou Ping of the Ministry of Industry and Information Technology (MIIT), makes a compelling case urging the nation to amp up its blockchain standardization efforts.
A Historical Overview
Dating back to 2016, China’s journey with blockchain standardization began with a white paper from the Development Forum, which laid out a comprehensive framework divided into five crucial categories: foundations, processes and methodology, interoperability, business applications, and information security. Talk about laying a solid groundwork!
Milestones Achieved
Fast-forward to May 2018, and the Forum had reportedly achieved a significant milestone by finalizing ten international blockchain standards including terminology, reference architecture, and classification. It’s like they were handing out diplomas in blockchain even back then!
Challenges Ahead
However, the road to fully-fledged blockchain standardization isn’t a walk in the park. The current document emphasizes that significant hurdles remain. Misunderstandings about the technology and a general imbalance in its application across various sectors have hindered progress. It mentions the pressing need to train blockchain practitioners. So, where do we find these blockchain wizards? Hogwarts, perhaps?
Unleashing Potential Applications
The potential of blockchain isn’t limited to finance; it’s spilling over into supply chains, social welfare, and the arts! As the document notes, the capabilities of this technology are vast, but proper implementation hinges on robust standards.
A Call to Action
Zhou Ping’s message is clear: China must seize the moment and play a pivotal role in shaping international blockchain standards. This is not just a local opportunity but a global stage waiting to be claimed!
What’s Next?
As reported, China is hurrying to establish a complete blockchain standardization system, backed by a dedicated government committee. With standards anticipated by the end of 2019, the future of blockchain in China promises to be bright—if they can straighten things out and get on the same page!
