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China is set to issue its first Blockchain Standards

Shanghai, the largest city of China, is set to draft its very first blockchain security standard, though the Capital of China was already had a vast amount of progress relating to blockchain technology which it was able to initiate at both local and international levels for the past many years.

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Very recently the Shanghai Security Testing Evaluation and Certification Centre has prepared a draft standard that has been made available to the stakeholders for the purposes of consultation. The Standards are called “General Specification for Blockchain Technology Security”.

According to various sources from and within the local media, in particular Xinhua, the drafts contain comprehensive standards and procedures as well as a general breakdown of blockchain technology security. The Shanghai government has said that the standards will be issued once it receives comments and suggestions from the stakeholders which are essential for preparing documents which is free from any defects and covers all the aspects relating to blockchain security technology and other ancillary functions attached with it.

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Xinhua further stated that the proposed draft also contains various standard procedures detailing smart contracts, cryptography, consensus algorithms, network and personal information, and also includes matters relating to storage facilities.

In the paper, it has also been mentioned that the authorities are aware of the fact that during the placement of the applications based on blockchain, there is imminent danger that it will be exposed to risks. It has been further reported that the paper also lists out various requirements and procedures for the use of side-chain for the purposes of ensuring the integrity of the personal data and information.

While Shanghai is set to issue the paper, a week-long blockchain event has been organized by the Hongkou district within Shanghai which is going to take place from September 11 and will end on September 16. This will be followed by an exhibition to be held on September 14 where international representative blockchain projects will be exhibited.

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Bentley Kapoor

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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