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1.4 Billion Venture Capital Flow into Blockchain, China Speeds up the Formation of Blockchain Standards

Over $1.4 billion venture capital has flown into the blockchain sector, and more than 2,500 blockchain-related patents were filed in the past three years, according to China’s Ministry of Industry and Information Technology (MIIT).

Seeing the great opportunity in the blockchain sector, China has looked to the formation of national standards in a bid to further boost the development of blockchain industry. Early in March, MIIT has been considering setting up a national technical standardization committee for blockchain and distributed ledger technologies.

8btc noticed that the final official application has been submitted this May. China Electronic Technology Standardization Institute, an institution for compiling standards for electronic and IT industry under MIIT, will lead efforts to form the committee. It marks the efforts from the country’s top-level design to foster new forms of business in the digital economy.

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At present, major international organization for standardization, including the International Organization for Standardization (ISO), International Telecommunication Union (ITU), World Wide Web Consortium (W3C), have pioneered in developing standards for the blockchain sector.

The establishment of the national technical standardization committee for blockchain and distributed ledger technologies aims to tackle the issue of overlapped development and resource waste, as well as policy and technical guidance for blockchain companies.

Despite Chinese government’s ban on cryptocurrency trading, the country does not want to lag behind other countries on the development of blockchain industry.

MIIT recently reiterated its strong support for blockchain development at the High-End Seminar on Blockchain and Data Governance, saying

“As the representative of emerging technologies, blockchain is expected to set a new mode of industrial cooperation and enrich the practice on digital society. It has drawn wide attentions from all facets.”

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