A senior executive from Du Xiaoman Financial say the release of new distributed ledger security standards shows the commitment of the Chinese government to blockchain technology.
The People’s Bank of China (PBOC) has just officially released the “Financial Distributed Ledger Technology Security Standards” (金融分布式账本技术安全规范) (JR/T 0184—2020), which were drafted by its Digital Research Institute in cooperation with key members of the banking sector including ICBC, Bank of China, China Construction Bank and the China Development Bank.
The new standards cover safety systems for distributed ledger technology, including infrastructure hardware, infrastructure software, encryption algorithms, node communications, ledger data, consensus agreements, smart contracts, identity management, privacy protections, regulatory support, maintenance requirements and regulatory mechanisms.
Li Feng (李丰), senior executive with Baidu-spin off Du Xiaoman Financial, said to state media that the move is significant of the Chinese government’s commitment to the blockchain sector.
“The central bank has issued financial blockchain safety standards, and is currently in the process of formulating two other standards that will soon be issued,” said Li.
“The biggest value of this standard doesn’t lie in the standard itself, but in the issuing of a signal that the state and regulators approve of the blockchain and distributed ledger technology.”