China Launches Blockchain Committee for Fast Growing Blockchain Industry

China Launches Blockchain Committee for Fast Growing Blockchain Industry

Blockchain
April 20, 2020 Editor's Desk
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 In an attempt to proffer some national standards for the fast-budding blockchain industry, China has launched a blockchain committee. According to China’s MIIT (Ministry of Industry and Information Technology), the committee includes 71 members. Amongst which are prime names such as Tencent, Baidu, Huawei, etc. The committee called the ‘National Blockchain and Distributed Accounting Technology
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 In an attempt to proffer some national standards for the fast-budding blockchain industry, China has launched a blockchain committee.

According to China’s MIIT (Ministry of Industry and Information Technology), the committee includes 71 members. Amongst which are prime names such as Tencent, Baidu, Huawei, etc.

The committee called the ‘National Blockchain and Distributed Accounting Technology Standardization Technical Committee‘is anticipated to lay the foundation of blockchain standardization in the country. 

Though the People’s Republic of China has confirmed to be pretty unfriendly to cryptocurrencies worldwide, it, nevertheless, has revealed quite a definite interest in blockchain technology. The launch of this committee is also a sign of its interest in decentralized technology.

China to seize the opportunity

Various sectors were well represented in the committee—sectors like insurance, banking conglomerates, car coupling components manufacturer Wan Xiang. The Tech sector was also appropriately interpreted by Huawei, Baidu, fin-tech firms Tencent, Ant Financial e-commerce firm JD.com. Other delegates incorporate some of the country’s major universities and law enforcement agencies. People’s Bank of China (PBoC) also has delegates in the committee adjacent to the digital yuan initiative.

Assuring nearly all sectors are outlined in the committee might be a pointer to what Premier Xi Jinping mentioned in his speech in October 2019. During the speech, he said that China must “seize the opportunity.” And lead technological innovation not just in blockchain technology but overall sectors.

Tech giant Huawei, for one, has had a lot to state approximately China’s blockchain sphere. Following the unveiling of Facebook’s extremely controversial stablecoin Libra, the tech giant informed the Chinese government to build a CBDC to emulate the stablecoin. In 2018, Huawei launched a smartphone-compatible crypto wallet dapp. Adjacent a blockchain-as-a-service (BaaS) platform to assist users in writing smart contracts.

Chaired by MIIT deputy minister Chen Zhaoxiong, the committee seems to present a more uniform approach to blockchain development in China. Other members comprise five vice presidents, executives from Peking Uni­ver­sity, Fu­dan Uni­ver­sity, Tsinghua Uni­ver­sity, etc.

MIIT is requesting for public opinion on its determination of committee members. All feedback should be sent to the Science and Technology Department of the Ministry. 

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