June 5, 2023
By Tsering Namgyal
Beijing has released the country’s first national standards for blockchain technology, setting the stage for a rapid growth in the sector, Global Times reported citing local news reports.
China’s Ministry of Industry and Information Technology (MIIT) has announced the blockchain guidelines that “offers a basic and universal standard to guide the application and industrial development of the country’s blockchain technology,” the newspaper said.
The latest norms standardizes the functional architecture and core elements of the blockchain system, according to the MIIT.
The newly released standard also provides a reference guide for the industry to unify the understanding of the concept of blockchain, build and improve the blockchain system, and choose and use blockchain services.
Blockchain, technology behind cryptocurrency Bitcoin, is seen as crucial for the development of China’s digital industry.
The standard has already been applied in more than a hundred blockchain companies.
The move further “accelerates the standardization of China’s blockchain industry and paves the way for its high-quality development,” said an official at the MIIT, according to Xinhua.
While China bans trading of cryptocurrencies, it has been making efforts to boost the development of blockchain technology.
In February, the Ministry of Science and Technology approved the establishment of the National Blockchain Technology Innovation Center in Beijing, which will focus on areas such as basic theory, software and hardware. The center was launched in Beijing’s Zhongguancun area, often dubbed “China’s silicon valley,” on May 10.
The new National Blockchain Technology Innovation Center in Beijing is set to spearhead blockchain implementation in China. It’ll collaborate with local universities, think tanks, and blockchain businesses and train over 500,000 DLT specialists. China continues to explore the possibilities of the digital economy through this center’s development.
The Center is led by the Beijing Academy of Blockchain and Edge Computing (BABED) and plans to use the ChainMaker blockchain, developed by the Academy, as the blueprint for its developments.
Application of blockchain in China has been rising rapidly in recent years, with the market size rising to 8.46 billion yuan in 2022, according to data provider Statista.
Beijing has also released a rare whitepaper on Web3 charting out the nation’s ambitions to develop and harness the powers of the new technology and how it is fostering a Web3 digital ecosystem in the capital.
“Beijing Internet 3.0 Innovation and Development White Paper (2023)”, was released by the Beijing Municipal Science and Technology Commission and the Zhongguancun Science and Technology Park Management Committee on May 27, according to local news outlet The Paper. The Beijing city will invest no more than 100 million yuan to develop the Web3 industry in Zhongguancun.
About the author
Tsering Namgyal is the chief content officer of NFTMetta.com.
