China Sets National Standard for Blockchain Technology, Accelerating Industry Growth

In a significant move towards advancing the development of blockchain technology, China’s Ministry of Industry and Information Technology (MIIT) has unveiled the country’s first national standard for blockchain technology. The release of this standard aims to provide a comprehensive and universal framework to guide the application and industrial growth of blockchain technology in China.

According to reports from the Global Times, the standardization of China’s blockchain industry is gaining momentum with the introduction of this national standard. The standard sets guidelines for the functional architecture and core elements of blockchain systems, ensuring a unified understanding of the concept and promoting the building and improvement of blockchain systems. It has already been implemented in over a hundred blockchain companies.

The MIIT believes that this newly established standard will serve as a reference guide for the industry, helping to align the understanding of blockchain technology, enhance the selection and utilization of blockchain services, and foster a more coherent and efficient ecosystem. By providing a standardized framework, the MIIT hopes to accelerate the high-quality development of China’s blockchain industry.

An official at the MIIT, quoted by Xinhua, expressed the ministry’s commitment to further advancing the standardization of blockchain technology. The MIIT plans to continue studying and formulating additional standards for blockchain and further promote the adoption of these standards to improve the level of services provided by the blockchain industry.

China has been actively promoting the development of blockchain technology, recognizing its significance for the country’s digital economy. In February, the Ministry of Science and Technology approved the establishment of the National Blockchain Technology Innovation Center in Beijing. This center, which focuses on fundamental theories, software, and hardware, was launched in Beijing’s Zhongguancun area on May 10. The center’s establishment highlights China’s determination to become a global leader in blockchain technology.

Furthermore, at the recent ZGC Forum, a platform for scientific and technological exchanges and cooperation, the Beijing Municipal Science and Technology Commission issued a white paper on Web 3.0, encompassing various cutting-edge technologies including blockchain and artificial intelligence. This demonstrates China’s commitment to exploring the potential of blockchain technology in conjunction with other emerging fields.

The rapid growth of blockchain applications in China is evident, with the market size reaching 8.46 billion yuan in 2022, according to Statista. With the introduction of the national standard, the country aims to further foster innovation and accelerate the adoption of blockchain technology in various sectors, ranging from finance to supply chain management.

As China solidifies its position as a global leader in blockchain technology, the release of the national standard serves as a significant milestone. It provides a framework that will not only benefit the domestic industry but also contribute to the global development of blockchain technology.

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