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China Makes History with First National Blockchain Standard, Fuels Industry Growth

China makes a historic stride in its blockchain industry as the Ministry of Industry and Information Technology introduces the nation's first national standard for blockchain technology.

China Unveils First National Blockchain Standard.

In a groundbreaking move to expedite the growth of its emerging blockchain industry, China’s Ministry of Industry and Information Technology (MIIT) has unveiled the nation's first national standard for blockchain technology, as per recent media reports.

The new standard provides a foundational and universal guide to stimulate the application and industrial evolution of China's blockchain technology. It standardizes the functional architecture and the key elements of the blockchain system, the MIIT explains.

Furthermore, the novel standard serves as a reference manual for the industry, harmonizing the comprehension of the blockchain concept. It will help in constructing and enhancing the blockchain system, as well as in selecting and utilizing blockchain services. It has already been implemented by over a hundred blockchain companies.

This initiative paves the path for the quality-driven growth of China's blockchain industry, one of the MIIT officials stated to Xinhua, a state-run media agency. The official also stated that the MIIT will persist in researching and formulating additional standards for blockchain, enhancing the industry's service level by deepening the adoption of these standards.

China has been proactively championing the growth of blockchain technology, considering it as an integral factor for the country's digital economy advancement.

Earlier this year, the Ministry of Science and Technology authorized the inception of the National Blockchain Technology Innovation Center in Beijing. The center is committed to exploring areas like basic theory, software, and hardware.

In another significant move, the Beijing Municipal Science and Technology Commission issued a Web 3.0 white paper at the ZGC Forum, a prominent platform for scientific and tech collaboration. This document explores a spectrum of technologies, including blockchain and artificial intelligence.

China's adoption of blockchain has seen a remarkable surge in recent years, with the market size escalating to 8.46 billion yuan in 2022, as per data from Statista.