China Immediately Build National Blockchain Standards
The Chinese government is considering building a national standard for blockchain and distributed ledger technology (DLT), according to an official release of China's Ministry of Industry and Information Technology on Monday.
As quoted from CoinDesk, as a first step, the Chinese government will hold a seminar on how the framework of this standard will be built.
The standardization effort was carried out by the China Electronics Standardization Institute under the supervision of the Ministry, as the agency is also working on establishing a special committee for the standardization.
China's Ministry of Industry and IT indicated that the international standards organization will focus on the DLT topic, encouraging China to become the leader of blockchain technology in the future.
The plan is in line with the widespread adoption of blockchains in China, although the Chinese government banned crypto-based and initial coin-based (ICO) investments last year.
Blockchain
Just for information, blockchain technology is a technology that underlies the running of Bitcoin without relying on centralized servers and thus avoids the risk of downtime. The blockchain system comes by transforming a centralized approach into decentralization.
In principle, blockchain technology conditions every server that runs this software to form a network consensus automatically to mutually replicate transaction data and verify each other's data.
Therefore, when one server is hacked, the server can be ignored because it is considered to have data that is different from the majority of other server networks.
This makes blockchain technology a much more powerful attack than a centralized technology because there is always at least 1 server running to handle transactions.
Blockchain technology enables network consensus to record and validate every transaction so that incoming data can not be forged, lost or corrupted so that it can not be manipulated by the network provider.
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