China is planning on releasing three blockchain standards in 2018. The measures are focused on smart contracts, privacy, and deposits.

Li Ming, the blockchain lab director of China Electronics Standardization Institute (CESI), announced to a Chinese media that the blockchain standards are aimed towards the improvement of the industry in the country.

The three blockchain standards will be based on association and will work as a foundation for national and international standards. National standards, on the other hand, will be released by the end of 2019.

The Blockchain Technology and Industry Development Forum of CESI are planning to incorporate the blockchain standards in the last quarter of 2018. These will include basic standards, information security, and business application standards.

The Development Forum started in 2016 with the help of the Ministry of Industry and Information Technology of China. As of now, the Forum has published the ‘China Blockchain Technology and Application Development White Paper‘ and ‘Reference Architecture of Blockchain standards.‘

Craig Dunn, the chairman of the International Standardization Technical Committee for Distributed Ledger Technology, made a statement at a Shanghai-based blockchain conference. He announced that as blockchain technology is spreading, more people are starting to invest, but also many are skeptical and need to be reassured by introducing international standards.

Currently, more than 50 countries are trying to develop their blockchain standards. Li Ming further explained that the standards are not mandatory and everyone can use them as a guide. The Ministry of Information Technology and Telecommunication said that the development of the standards needs to come fast, as it reinforces a positive progress.

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