BEIJING, 2nd June, 2023 (WAM) — China’s Ministry of Industry and Information Technology (MIIT) has released the country’s first national standard for blockchain technology, aiming to accelerate the development of the emerging industry, according to Global Times, an English-language Chinese newspaper, on Friday. This offers a basic and universal standard to guide the application and industrial development of the country’s blockchain technology, and it standardises the functional architecture and core elements of the blockchain system, according to the MIIT. The newly released standard also provides a reference guide for the industry to unify the understanding of the concept of blockchain, build and improve the blockchain system, and choose and use blockchain services. The standard has been applied in more than a hundred blockchain companies. The move further accelerates the standardisation of China’s blockchain industry and paves the way for its high-quality development, said an official at the MIIT, according to Xinhua. The official said that the MIIT will continue to study and formulate standards for blockchain and deepen adoption of the standards to continuously improve the services level of the blockchain industry. China has been making efforts to boost the development of blockchain technology, which is deemed crucial for developing the country’s digital economy. The application of blockchain in China has been rising rapidly in recent years, with the market size rising to 8.46 billion yuan in 2022, according to data provider Statista. Rola AlGhoul/ Esraa Esmail
Source: Emirates News Agency (WAM)