China has started to set up a national standard for blockchain in order to raise the building of a blockchain standard system from the top-level, hoping to complete the process by the end of 2019, according to Chinese state media reports.
Chinese authorities are focusing on implementing top-level, or top-down standards to compete favourably in the world market.
As Initial Coin Offerings (ICOs) and Cryptocurrencies are forbidden in China, both national and regional governments have shown huge increasing support for the technology behind these platforms.
China's national government created a Blockchain Registry Open Platform (BROP) in March through the country's central bank with the main aim of developing intellectual property rights on the blockchain.
Li Ming, director of the Blockchain Research Office of the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology said that Chinese national standard plan for blockchain has been planned successfully and related departments will form a national blockchain and distributed Accounting Technology Standardisation Committee.
Li Ming disclosed that the blockchain national standards contain basic standard, process and method standard, business and application standards, information security standard, and credible and interoperable standards and the applicability of the standard will be expanded more.
The Chinese government hopes that the technology can lead a new era of technological innovation and new industry development. The authorities hope to alleviate risk associated with blockchain applications. Losses of $2.86 billion were caused between 2011 and 2018. 2018 alone accounted for $1.9 billion of $2.86.
In April, Shenzhen proclaimed its first blockchain venture capital fund which is headed by Shenzhen Angel Capital Guiding Fund. Other technology superiors in China like Alibaba, Baidu and Tencent started laying out blockchain applications. Also, China’s largest banks such as China Construction Bank and Bank of China have begun the layout of blockchains applied to such areas as international trade, poverty alleviation e-commerce supply chains and housing leasing platforms.