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China is bringing its technology giants together to create a national blockchain committee with the primary goal of setting standards for blockchain adoption in the country.
The national committee will include some big names in the Chinese technology sector, such as Huawei Technologies, Tencent Holdings, Baidu, Ant Financial Services and JD.com.
Chinese blockchain standard has yet to be set
Around 70 researchers and experts, who are referred to as the technical committee for the standardization of national blockchain technology and distributed accounting, will also be present. [South China Morning Post]
These people will come from local governments, government research centers, universities, and supercomputing centers.
So far, none of the companies has commented on the formation of the committee. However, China has taken emerging technology very seriously after pledging to do so last year as a national program.
Bet big with blockchain
The committee may be anathema to those of us in the crypto space. Who would have thought that blockchain development would soon become a state operation?
China has led this dynamic more than any other nation. It also has a strict stance “blockchain yes, cryptocurrency no”. Ultimately, the goal of the Chinese state is to create a “sovereign blockchain”.
Given that China currently appears to be in control of its situation with COVID-19, it is clear that it wants to target new technologies.
Interest in blockchain has also increased in the country recently. A few days ago, China’s long-awaited “digital yuan” and photos of its alleged application leaked. The country plans to switch a large part of its currency to a digital system shortly.
However, this is far from the original idea of blockchain technology: decentralization, data protection and eliminating the intermediary. States and businesses have found the underlying technology to be incredibly useful, so the 2020s can become a “blockchain war”.
For better or for worse, China is a leader in innovations in the blockchain industry and could be the catalyst for a revival of the crypto market in 2020.
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