China To Establish Blockchain Standardization Committee
China’s Department of Information Technology and Software Services (ITS) is accelerating the establishment of a committee that will regulate and encourage the blockchain technology business. The development comes after the Ministry of Industry and Information Technology (MIIT) completed a special study on the establishment of a National Blockchain and Distributed Ledger Technology Standardization Committee. The ITS division, which comes under MIIT, conducted the study.
At present, International Organzation for Standardization (ISO), the International Telecommunication Union (ITU), the World Wide Web Consortium W3C) has begun working on standardization of block chains. In this regard, ISO has established a technical committee (TC 307), which focuses on the blockchain field and carries out standardizaton work such as identity authentication and smart contracts. The committee is known as Blockchain and Distributed Ledger Technology ommittee. China, as a member, participated in relevant standardization activities and contributed to its progress.
In order to promote the formation of a blockchain standard in China, the Department of Information and Software Services and China Electronics Standardization Institute has proposed the formation of the National Blockchain and Distributed Ledger Technology Standardization Committee. The committee will also provide its suggestions to ISO/TC 307.
The decision to form an organization to regulate blockchain related business strengthens the argument that blockchain technology will become an indispensable part of the global economy in the years to come.
Petar has spent the last few years following rise of cyptocurrencies, lending insights to the potential icos coming to market as well as how current currencies are operating. Petar background is in the finance sector and is a banker by trader so money is always on the mind.