China Financial Authentication Launches Services to Assess Security of Blockchain-driven Fintech Apps

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The Chinese financial certification authority has launched new services for appraising blockchain security levels following a surge in the development of blockchain fintech products in China.

China Financial Authentication (中金国盛) has just launched blockchain security assessment services that will be based upon the R/T 0193-2020 “Blockchain Technology Financial application Assessment Regulations” (区块链技术金融应用评估规则) it had a hand in drafting.

CFA’s blockchain security assessment services will rate blockchain financial applications across three key areas including basic factors, functionality and security.

Basic factors will include:

  • Ledger technology;
  • Consensus contracts;
  • Smart contracts;
  • Node communications;
  • Event distribution;
  • Key management;
  • State management;
  • Transaction system;
  • Member management;
  • Interface management.

Functional assessment includes:

  • Transaction throughput rate;
  • Inquiry throughput rate;
  • Transaction simultaneity function;
  • Deployment efficacy;
  • Ledger data growth rate.

Safety assessment will encompass:

  • Basic hardware;
  • Basic software;
  • Encryption algorithms;
  • Node communications;
  • Ledger data;
  • Consensus agreements;
  • Smart contracts;
  • Identity management;
  • Confidentiality protection;
  • Regulatory support;
  • Secure operation;
  • Secure management.

According to state-owned media the new assessment services will provide an “authoritative and objective third-party assessment reference” for financial blockchain technology, and help expedite development of the sector.

The launch of the services arrives just following the release by PBOC on 10 July of the “No­tice Con­cern­ing Dri­ving the Stan­dard­ised Us­age of Blockchain Tech­nol­ogy” (推动区块链技术规范应用的通知) and the “Blockchain Tech­nol­ogy Fi­nan­cial Ap­pli­ca­tion As­sess­ment Rules “(区块链技术金融应用评估规则). 

PBOC previously issued the “Financial Distributed Ledger Technical Security Standards” (金融分布式账本技术安全规范) in March 2020, which are considered to be the Chinese financial sector’s first blockchain standards, and one of the first for global finance.

Since 2019 China has required that all blockchain systems be filed with the Cyberspace Administration of China (国家网信办).

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