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China to Drafts for Three Domestic Blockchain Standards in 2018

The standards, which include basic standards, information security standards, process and method standards, business and application standards, and credible standards, will provide the basis for national and global standards according to Li. He said the standards will be released by the end of next year.

The China Electronics Standardization Institute (CESI), a government organization under the country’s Ministry of Industry and Information Technology (MIIT), plans to release three blockchain standards for smart contracts, privacy, and deposits as a way to improve the country’s development of the blockchain industry.

The standards, which would be association based, were announced by Li Ming, a director of the research lab, during a recent presentation to Deep Tech.

Craig Dunn, chairman of the International Standardization Technical Committee for Distributed Ledger Technology, said during a recent blockchain conference in Shangai that international standards are needed as blockchain investment and acceptance are increasing but many people are still skeptical.

China’s IT ministry earlier this year stressed the need to develop standards as soon as possible, and cited “positive progress” in the group ISO effort to create seven standards covering core blockchain facets such as smart contracts. The ministry has emphasized the need to develop a full blockchain standard system domestically.

The standards are recommended standards and not mandatory, Li said, and are intended as a reference guide.

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