National standard for blockchain expected next year

The national standard for blockchain is expected to be created as soon as end of 2019, according to Economic Information Daily on Thursday.

A plan to create the standard has been announced and a committee working for the standard is being set up by the relevant sectors, said the Daily, citing Li Ming, an official on the blockchain at the Ministry of Industry and Information Technology.

The content will include basic standard, operating and applying standard, processing and method standard, and information security standard, and the standard's applicability will further expand, Li added.

Blockchain will drive a new round of technology innovation and industrial development, said Yu Kequn, the director of National Research Center for Information Technology Security.

As a new type integrated application based on technologies, including distributed data store, point-to-point transmission and encryption algorithm, the blockchain with features of decentralization, openness, tamper-proofing and anonymity can be widely used.

At present, business giants such as Alibaba, Tencent and Baidu have applied blockchain to practice, as well as the Big Four State-owned banks-Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China-also use the technology on their projects, including poverty relief, international trade, home renting platform, e-commerce chain, and service scenarios in Xiongan New Area.

Tech giant IBM also has bet on blockchain. From 2015, the firm has made preparations for the blockchain project, and then pushed out a service platform for the technology.

Although the blockchain is buzzing around the world, it is at growing stage and has shortcomings that are challenged by aggressors.

Therefore, blockchain standard will guide the technology to develop, Li Ming said.

Moreover, China owns more than 200 international patents on the technology.