China To Assimilate Blockchain Technology Application

Because blockchain is still a formless technology, China’s government is preparing to set up national standards for the technology to guarantee the safety of the ecosystem.

Director Li Ming of the Blockchain Research Office said that plans for a national standard were just announced and that the important departments of the Chinese government would also set up a national blockchain along with the Distributed Accounting Technology Standardization Committee.

He went on to say that the standards will circle several aspects of the technology, including business, application, methods, interoperability and information security.

“The development of block chain technology may become an important step for China to grasp the global technological competition. It can be applied in the production chain, management chain, and transaction chain, and it will bring the entire life cycle of restructuring to different areas so that the ecosystem can be managed and traceable,” said director Yu Kequn of the National Center for IT Security Research.

the bank of China, the China Construction Bank, and several other financial institutions have already begun the process of introducing blockchain technology to their developments for everything from international trade to e-commerce.

The Chinese National Audit office also wants to be a part of the action, proposing that it uses black chain technology for its big data audits.

Deng Huan, the head of the White Hat Institute for Security Research believes that China should take a more careful approach to blockchain technology, citing the example of cryptocurrencies. He considers that as the market becomes more priceless, it may offer a stronger incentive for hackers to enter the playground.

“The current most widely used cryptocurrency for blockchain technology is exploited by hackers who take advantage of loopholes and cause huge losses,” he added.

It seems as if Huan believes that the rush to shower everything in “blockchain pink” might make adopters lose sight of important cybersecurity implications. Alongside block, chains are pieces of software that work with that ecosystem. Similar to any rushed software, they’re prone to nasty vulnerabilities, if not coded with care.


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