Shanghai Issues Draft Blockchain Standards, National Effort to Follow
Shanghai is set to issue China’s first local blockchain security standard ahead of national efforts to rollout countrywide blockchain protocols, per reports from the Middle Kingdom.
According to state-owned media outlet Xinhua, the Shanghai government’s Shanghai Information Security Testing Evaluation and Certification Center has issued a consultation paper for what it calls the “General Specification for Blockchain Technology Security.”
Beijing has been actively pursuing blockchain technology-related progress on a national and local level for several years. But in recent months, it has put a particular emphasis on standardization – concerned that without a clear set of standards, it may lose control over governance-related issues.
The media agency stated that the document comprises “a comprehensive and multi-level general breakdown of blockchain security,” involving “all aspects of blockchain technology.” Xinhua said that the paper includes standardization information pertaining to smart contracts, access, consensus algorithms, cryptography, personal information protection and networks – as well as storage-related matters.
The document also reportedly focuses on possible security risks that can occur during the deployment of blockchain-powered applications. It also reportedly contains requirements about using side-chain technology to secure the integrity of personal information protection protocols. Provisions are also included requiring sensitive business data to be kept on side chains, rather than public mainnets.
The media agency quoted a Shanghai-based blockchain expert as stating that the blockchain industry has passed its initial stage, and now needs a set of basic standards to help spur further development.
The outlet stated,
“National blockchain technology standards are currently being formulated.”