China Plans To Release Three Blockchain Standards In 2018

In an interview with DeepTech, Director of the blockchain laboratory of the Chinese Institute of electronics standardization (CESI) Lee Min said that His organization is working on the release of three standards for smart contracts, protection of confidential information and deposits. The laboratory is supported by the Ministry of industry and information technology of China (MIIT).

We are talking about industrial standards, which, according to Min, in the future can form the basis of national or even international.

CESI blockchain and industrial development forum (CBD Forum), founded by the Ministry two years ago, plans to complete work on the above standards by the end of 2018. CBD Forum known for the fact that in 2016 he has published a number of documents on the blockchain architecture and development of applications on the blockchain.

Recently, during a conference in Shanghai, the Chairman of the international technical Committee for standardization DLT Craig Dunn said:

“Blockchain is gradually entering our lives, and more and more people are beginning to realize its necessity and seek to invest in it. At the same time, many are skeptical about it, so international standards are needed. Currently, more than 50 countries, including China, are involved in their development.”

Lee Min stressed that the Chinese standards are advisory and reference for the industry and can not be considered as mandatory.