Cryptocurrency

Chinese Researchers take a step further in supporting blockchain innovation

The China Centre for Information Industry Development at a conference earlier today announced the commencement of its monthly Global Public Chain Assessment Index. Global Public Chain Assessment Index is the set of criteria which will be used to rank blockchain projects as well as other cryptocurrencies in the market that the Chinese government considers being of technological importance. This assessment index will play a pivotal role in research and development as far the cryptocurrencies are concerned.

This announcement, which occurred at the conference in Beijing, was made a dream come true after a thorough and purposeful coordination among academics, techies and officials across numerous local organizations such as the China Software Testing Centre, The CCID Think Tank and The CCID’s Blockchain Research Institute. The increasingly focused moves towards the new technology clearly show the Chinese government commitment to embracing Blockchain ideologies.

China Center for Information Industry Development is an arm of the Ministry of Industry and Information Technology-a state agency in China charged with the duty of regulation and development of technology in the country along with the development of a knowledgeable economy within the government. The arm hence has been established to provide a thorough review of universal blockchain projects done by distinguished professionals in the fields of industry, academia and the government itself. Researchers can then carefully evaluate the projects with the aim of designing their own blockchain applications.

During the seminar, CCID announced that the purpose of the assessment index was to scientifically evaluate the development level of blockchain technologies which is crucial when it comes to the offering of expert consultation services to the interested parties such as research institutes, enterprises, technology developers and the government. The following criteria were used in the selective identification of public chain objects:

28 cryptocurrencies successfully passed these criteria and were selected for the inaugural indexing; which include Waves, Verge, Zcash, Bitcoin, Bitcoin cash, Litecoin, Bitshare, Bytecoin, NANO, NEM, QTUM, NEO, Siacoin, and Bitcoin Cash among others. This comes after the Weiss rating previously launched a similar index as it tried to provide investors with a benchmark of determining the financial and future prospects of cryptocurrencies.

The Chinese government earlier in the week announced that it had commenced procedures for setting national standards for blockchain technologies the previous month. A National audit report also released an article which also pointed all the indicators towards the government’s ambition of looking at blockchain technologies for the purpose of improving the government’s audit functions.

Author: Author : Sam

Sam, has been contributing to cryptonewsbytes team since 2017. He is also a crypto-enthusiast and talented market analyst. In his free time, you will find him traveling and exploring new places.

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Sam, has been contributing to cryptonewsbytes team since 2017. He is also a crypto-enthusiast and talented market analyst. In his free time, you will find him traveling and exploring new places.
Sam, has been contributing to cryptonewsbytes team since 2017. He is also a crypto-enthusiast and talented market analyst. In his free time, you will find him traveling and exploring new places.

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