China is taking the experience of participating in the creation of international blockchain standards and applying that knowledge domestically.
New information out of China today reveals that the Ministry of Industry and Information Technology (MIIT) has directed one of its subdivisions – the Informatization and Software Services Division – to conduct a “special study” of national importance.
China, which has been helping the International Organization for Standardization’s technical committee 307 to develop international blockchainstandards, will use the findings from the MIIT’s study as a foundation for a steering committee.
Translated into English, the committee will be called the National Blockchain and Distributed Accounting Technology Standardization Technical Committee.
Once initial goals have been met, the next phase of development will see the department “actively promote related work, accelerate the establishment of the standardization committee, and better serve the development of the blockchain technology industry.”
The study may eventually be paired with findings from China’s Digital Currency Research Institute, combining expertise in both blockchain and cryptocurrency. This could position China well for the growing digital landscape of the 21st century.