#The Importance of Blockchain and Distributed Accounting Technology Standard System

It is reported that the Ministry of Industry and Information Technology has publicly solicited opinions on the “Guidelines for the Construction of Blockchain and Distributed Accounting Technology Standard System (Version 2023)” (draft for comments). It is proposed that by 2023, the top-level design of the standard system for blockchain and distributed accounting technology should be clarified, the overall rules for standard system construction and standard development should be studied, the relationship between standards should be clarified, and the development of basic common standards should be focused, basically meeting the standardization needs of blockchain and distributed accounting technology in China. By 2025, further improve the national standard system for blockchain and distributed accounting technology, continue to promote standards such as basic commonalities, key application demonstrations, and security guarantees of blockchain and distributed accounting technology, effectively guide the construction of China’s blockchain industry, and improve the level of technology and application services.

The Ministry of Industry and Information Technology publicly solicited opinions on the “Guidelines for the Construction of Blockchain and Distributed Accounting Technology Standard System (Version 2023)”

The Ministry of Industry and Information Technology (MIIT) has recently released a draft proposal for public consultation regarding “Guidelines for the Construction of Blockchain and Distributed Accounting Technology Standard System (Version 2023).” This guideline aims to clarify the top-level design of the standard system for blockchain and distributed accounting technology and the overall rules for standard system construction and standard development.
#What is the Proposed Standard System for Blockchain and Distributed Accounting Technology?
The proposal aims to clarify the standardization needs of blockchain and distributed accounting technology in China by 2023. In particular, the focus will be on developing basic common standards to support the further development of blockchain technology. The proposal also seeks to study the relationship between standards, making it easier to understand how different standards are connected and how they function together.
By 2025, the proposal suggests that China’s national standard system for blockchain and distributed accounting technology should be further improved. Basic commonalities, key application demonstrations, and security guarantees will continue to be promoted, allowing for the effective guidance of China’s blockchain industry while improving the level of technology and application services.
#Why is a Standard System for Blockchain Essential?
A standardized approach to the development of blockchain technology brings numerous benefits. For one, it promotes innovation through the clear definition of standards and promotes healthy competition among developers. Blockchain standards also make it easier for developers to collaborate, providing a stable framework which they can use to build upon.
Moreover, the standardization of blockchain technology can help to reduce the potential for fraud and other negative outcomes. As blockchain applications become more widespread, there needs to be a clear understanding of the ethical and legal issues surrounding the technology, allowing regulators to provide clear guidelines for developers to follow. For this reason, the MIIT believes that the standardization of blockchain is essential for the long-term development of the industry.
#What Benefits Will a Standard System for Blockchain Bring to China?
China has placed a high priority on blockchain technology, recognizing its potential to transform the economy and society as a whole. However, numerous regulatory and technical difficulties have slowed the uptake of blockchain throughout the country. Developing a standardized blockchain and distributed accounting technology system is one of the essential steps that China must take to ensure that blockchain technology can meet its full potential.
The establishment of the standard system for blockchain technology will create a level playing field and encourage healthy competition among developers, leading to a faster uptake of blockchain technology throughout the country. This, in turn, will help to reduce fraud and other negative outcomes, making blockchain applications more secure and reliable.
#Conclusion
The MIIT’s recent proposal for a standard system for blockchain and distributed accounting technology is a crucial step in the development of this groundbreaking technology. The regulation of blockchain technology will help to promote healthy competition and innovation, improve security, and facilitate the faster adoption of blockchain technology throughout China.
#FAQs
Q1. What is the MIIT?
A: The MIIT is a ministry within the Chinese government responsible for the regulation and development of the country’s information technology sector.
Q2. What are the benefits of a standardized approach to blockchain development?
A: A standardized approach promotes innovation, healthy competition, and helps reduce fraud and negative outcomes.
Q3. What is the timeline for the development of the standard system for blockchain and distributed accounting technology in China?
A: The MIIT proposes that the system will be clarified by 2023 and further improved by 2025.