On July 18, a report by published by China’s local news outlet Science and Technology Daily stated that China will be the lead in an international research group on the standardization of the Internet of Things (IoT) and blockchain technology.
After a month of discussions by the committee members, the joint technical committee of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) accepted the proposal for the creation of this international research group.
According to an article published in the official newspaper of the Ministry of Science and Technology of China, Science and Technology Daily, it states that with the formation of this group China has won “discourse power” in technological integration: “China’s related industries have received a great significance to lead global development and promote the integration of fiat and (the) digital economy”
It was also reported that the chairman of the international research group Dr. Shen Jie would be promoting fiat-digital integration by setting up a working mechanism and also by providing a huge number of industrial application scenarios to promote international standardization for IoT and blockchain technologies.
More than ten countries including specialists from the United States, the United Kingdom, France, and Germany would make up this new research group.
Recently China took a step ahead and adapted the blockchain technology. A patent for a digitalized currency wallet which would enable users to track their transaction histories has been filed by The Digital Currency Research Lab at the People’s Bank of China (PBoC) back in the previous month. And also digitalized paper check by a blockchain-powered system was revealed by PBoC in the previous month of June.
Also, a report published by Cointelegraph earlier this week, showed that, in an effort to transform blockchain as the “core” technology for the new digital economy, the deputy director of China’s Ministry of Industry and Information Technology (MIIT) has advised the country with the world’s largest population to unite all forces.