The news indicates President Xi Jinping is keeping his promises of making China a leader in the blockchain space. The launch of a technical committee for such technology surely says so.
When it comes to the main objective of the committees, this is to unify the efforts invested in any given subject. There are groups for alkaline batteries, solar energy systems, printing circuits and many other areas of interest.
What Will the Technical Committee Do?
Groups in the country draft standards for their field of activity, after which they pass these standards through a process based on reviewing and voting, just before they publish them. Through the standards, China is coordinating its objectives in certain fields. Every 5 years, the standards are being reviewed.
Therefore, a technical committee built on distributed ledger technology (DLT) and blockchain will do just the same. While the Standardization Administration of China (SAC) wasn’t too clear on the matter, it mentioned the blockchain technical committee in the country’s national standard context. This means officialities gave a lot of attention to forming the committee.
Levels of Standard are Managed Differently in China
There are 4 levels of standard in China: national, local, professional (which is for industries) and enterprise.
By using these levels, the organization required to handle any project can be identified faster. For example, enterprise or local standards are being managed by local governments or the private sector. National standards are considered compulsory and fall under the regulations of the Seconded European Standardization Expert in China (SESEC).
SESEC is the organization that makes interpretations on technological innovation metrics from all over the globe so that countries are accurately co-regulated. SESEC functions because China has a different definition of “progress” when compared to other countries.
National Standards Can Only Get SAC’s Approval
The national level standards are only approved by the SAC. Formed in 2001, SAC is administrative and a part of China’s reform to be more open to what comes from the West.
SAC has recently announced that it’s interested in helping with developing innovations in technology, promoting openness and encouraging the increase of high-quality products and services. Crypto enthusiasts are watching from the outside how China’s government is integrating in the blockchain space.
The news on the blockchain-based technical committee indicates the country is more interested in a sharing economy and leading in the crypto industry. Aside from President Xi’s decision to push forward the blockchain technology, Shanghai also created the “blockchain alliance” for facilitating the financing and trading processes. All this, plus the fact that China is preparing to launch a national digital currency, is indicating the country is pro-blockchain.