{"id":3819,"date":"2020-04-16T19:30:00","date_gmt":"2020-04-16T19:30:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2517307"},"modified":"2020-04-16T19:30:00","modified_gmt":"2020-04-16T19:30:00","slug":"tencent-and-huawei-join-new-national-committee-on-blockchain-standards","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/04\/16\/tencent-and-huawei-join-new-national-committee-on-blockchain-standards\/","title":{"rendered":"Tencent and Huawei join new national committee on blockchain standards"},"content":{"rendered":"<p>Tencent, Huawei, and Baidu are among the companies that will comprise a new committee tasked with setting up national standards for blockchain and distributed ledger technology, the Ministry of Industry and Information Technology (MIIT)&nbsp;<a href=\"http:\/\/www.miit.gov.cn\/n1146295\/n7281310\/c7861668\/content.html\">announced<\/a>&nbsp;(in Chinese) yesterday. The proposal is open for public comment until May 12, 2020.<\/p>\n<p><strong>Why it matters:&nbsp;<\/strong>Chinese authorities have been&nbsp;<a href=\"https:\/\/technode.com\/2019\/12\/12\/blockchain-technology-must-align-with-the-belt-and-road-initiative-chinese-government-official\/\">ramping up<\/a>&nbsp;their efforts to boost blockchain as a strategically important technology. But the industry is&nbsp;<a href=\"https:\/\/technode.com\/2019\/11\/15\/cti-40-chinas-blockchain-bonanza-with-matthew-graham\/\">crowded<\/a>&nbsp;with many players,&nbsp;<a href=\"https:\/\/technode.com\/2019\/10\/24\/chinas-internet-watchdog-approves-309-more-blockchain-projects\/\">big and small,<\/a>&nbsp;and standards are lacking.<\/p>\n<ul>\n<li>In September, authorities&nbsp;<a href=\"https:\/\/technode.com\/2019\/09\/12\/police-raid-chinese-blockchain-project-gxchain\/\">cracked down<\/a>&nbsp;on cryptocurrency scams and schemes. Authorities raided a startups with $600 million in funding.<\/li>\n<\/ul>\n<p><strong>Details:&nbsp;<\/strong>The committee is comprised of 71 members, including people from well-known tech companies from all verticals, including Tencent, Baidu, Huawei, JD, and Ping An.<\/p>\n<ul>\n<li>The list includes the People&rsquo;s Bank of China Digital Currency Institute, several government bodies such as cybersecurity and standardization authorities, judicial bodies like the Beijing Internet Court, and several of China&rsquo;s top academic institutions.<\/li>\n<li>MIIT&rsquo;s vice-min&shy;is&shy;ter Chen Zhaox&shy;iong will chair the committee. One of the five vice-chairs of the committee is Di Gang, vice head of the PBOC&rsquo;s Digital Currency Research Institute.<\/li>\n<li>The list also includes provincial governments such as Beijing, Guangdong, and Jiangsu.<\/li>\n<li>The MIIT did not give details as to what the committee will be doing or a timeline of its activities.<\/li>\n<\/ul>\n<p><strong>Context:&nbsp;<\/strong>Just 5 days ago, the MIIT released a&nbsp;<a href=\"http:\/\/news.cnstock.com\/image\/202004\/10\/20200410095048823.docx\">set of standards<\/a>&nbsp;for information security of blockchain applications, among others, for public comment.<\/p>\n<ul>\n<li>A speech from Xi Jinping last year marked a change in Chinese regulators&rsquo; view of blockchain. Now, China wants is eagerly trying to be a leader in blockchain and cryptocurrency tech.<\/li>\n<li>The PBOC is&nbsp;<a href=\"https:\/\/technode.com\/2019\/10\/16\/china-to-deploy-a-national-blockchain-service-network\/\">working on<\/a>&nbsp;its own cryptocurrency. Authorities are&nbsp;<a href=\"https:\/\/technode.com\/2019\/10\/16\/china-to-deploy-a-national-blockchain-service-network\/\">working on<\/a>&nbsp;a unified underlying blockchain infrastructure called the blockchain service network.<\/li>\n<li>The country was the world&rsquo;s most active destination of blockchain financing in 2019,&nbsp;<a href=\"https:\/\/technode.com\/2020\/01\/17\/china-the-top-market-for-blockchain-financing-in-2019-report\/\">data<\/a>&nbsp;from consultancy firm PANews said.<\/li>\n<\/ul>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"http:\/\/Huawei.com\" target=\"_blank\">http:\/\/Huawei.com<\/a><br \/><b>Contact Information:<\/b><br \/> Eliza Gkritsi<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<p> Eliza Gkritsi\n<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tencent, Huawei, and Baidu are among the companies that will comprise a new committee tasked with setting up national standards for blockchain and distributed ledger technology, the Ministry of Industry and Information Technology (MIIT)&nbsp;announced&nbsp;(in Chinese) yesterday. The proposal is open for public comment until May 12, 2020. Why it matters:&nbsp;Chinese authorities have been&nbsp;ramping up&nbsp;their efforts &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/04\/16\/tencent-and-huawei-join-new-national-committee-on-blockchain-standards\/\">Continue reading <span>Tencent and Huawei join new national committee on blockchain standards<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/04\/16\/tencent-and-huawei-join-new-national-committee-on-blockchain-standards\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-3819","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tencent and Huawei join new national committee on blockchain standards - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2020\/04\/16\/tencent-and-huawei-join-new-national-committee-on-blockchain-standards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tencent and Huawei join new national committee on blockchain standards - Business\" \/>\n<meta property=\"og:description\" content=\"Tencent, Huawei, and Baidu are among the companies that will comprise a new committee tasked with setting up national standards for blockchain and distributed ledger technology, the Ministry of Industry and Information Technology (MIIT)&nbsp;announced&nbsp;(in Chinese) yesterday. The proposal is open for public comment until May 12, 2020. 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The proposal is open for public comment until May 12, 2020. 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