The Chinese government has Promised Three New Standards for Blockchain

The battle between several countries on who is going to be the ultimate crypto power is actively ongoing. China who is well known for its anti-Cryptocurrecy polices is not left out of this unspoken battle. The China Electronics Standardization Institute (CESI) as made announcements that it would be developing three blockchain standards before the year 2019 runs out. The first batch of the standards is expected before the end of 2018.

CESI Blockchain Standards

The announcement from the CESI is considered by the crypto community as another way through which China is trying to increase and develop its stakes in the blockchain industry. The standards which are to be created will be overseen by Chinese specialist. These specialists will be developing these three standards around deposits, smart contracts and finally confidential information safety respectively.
Based on the report coming from CESI Director, Li Ming, the standard will be aimed at developing a distributed ledger.

The direct further stated that:

“The future documents will include common specifications and standards related to information security, business operations, as well as various processes and methods. All of them should be the basis both in China and worldwide.”

The Talk Paid off

Since the publishing of documents on innovative technologies and distributed ledger architecture in 2016, influential people within the Chinese government have not stopped talking about the development of a blockchain standard.
Eventually, their “talks” paid off and an official seating in May 2018 led to setting a deadline for the release of these standards. it was agreed that latest December 2019, the standards need to be out.

Once the standards are in place, those who are still yet to trust blockchain technology will have some metrics to judge a project by, thereby bringing in fresh investor into blockchain technology at large. Hopefully, this move by the Chinese government will be followed by other supportive ones from the government, who has been tagged as “cryptophopic”.