The Quest for Blockchain Standards

In a bold move towards technological leadership, China is setting its sights on establishing comprehensive blockchain standards by the end of 2019. Recently revealed by government insiders, this initiative is expected to mold the future of the blockchain industry in the country.

Meet the Blockchain Standardization Committee

The newly formed Blockchain and Distributed Accounting Technology Standardization Committee is the brainchild of various government agencies pooling their expertise. Under the guidance of Li Ming, director of the Blockchain Research Office, this committee is gearing up to tackle the intricate challenges posed by blockchain technology.

Guidance Rather Than Immediate Advancement

So, what can the industry expect? According to reports from the Economic Information Daily (EID), while these new standards are not expected to catapult the blockchain sector forward at lightning speed, they will provide much-needed direction. As Li Ming puts it, it will “give the industry some guidance”—think of it as a roadmap rather than a turbocharger.

A Rollercoaster Journey Ahead

Blockchain’s potential has been a hot topic lately. Just before this announcement, Yao Qian from the People’s Bank of China pointed out that while blockchain deserves further exploration, it’s still in a very volatile and experimental phase. It’s a bit like a toddler learning to walk—exciting, but you wouldn’t bet your afternoon on it just yet!

The Global Arms Race

Yu Kequn, director of the National Center for Information Technology Security Research, adds a compelling note to this narrative. He argues that for China to stay competitive on the global tech stage, diving deeper into blockchain technology is no longer optional—it’s essential. It seems like blockchain could be the shiny new toy that China can’t resist, and they don’t want to be last in line!