PBOC’s Distributed Ledger Standards Show China’s Commitment to Blockchain Technology: Du Xiaoman Financial

125

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.”

Related stories

PBOC Re­leases Safety Stan­dards for Use of Dis­trib­uted Ledger Tech­nol­ogy by Fi­nance Sec­tor

IDC Makes 10 Pre­dic­tions for Chi­na’s Blockchain Sec­tor, 10% of Chi­nese Cities to Use Dig­i­tal Cur­rency by 2023

Ten­cent and Shen­zhen Tax Bu­reau En­trusted with Draft­ing of In­ter­na­tional Blockchain In­voic­ing Stan­dards

LEAVE A REPLY

Please enter your comment!
Please enter your name here