China’s Ministry of Industry and Information Technology is conducting a study to promote the creation of the Blockchain standard system as soon as possible, according to a press release released on March 12. Standing against cryptocurrencies, China has begun to adopt Blockchain technology.
Blockchain and distributed ledger committee will be established
The Information and Software Services Department of the Ministry of Industry and IT, along with the China Electronics Standardization Institute, the national Blockchain and The press release also noted that other international organizations such as the International Organization for Standardization (ISO) have begun standardizing blockchain technology. In this process, China has made a positive progress in TC 307 with the status of participating country in ISO’s Blockchain and the distributed ledger committee.
China did not throw Blockchain technology out
Although China has banned ICOs and all cryptocurrency exchanges, regardless of local or foreign, this has not stopped the country from supporting Blockchain, the technology behind cryptocurrencies. JD.com, which implemented the incubation initiative, started using Blockchain to monitor the supply chain of meat sales last week.
It is not a surprise that China, which does not favor cryptocurrencies, does not stay away from Blockchain technologies. Finally, last week, we brought to our pages that the country wants to change the nature of Blockchain.