The brief details the government’s official definitions of blockchain rules. Explicit justifications may seem relatively harmless or really cautious, but such formal justification is an attempt to limit rather than the development of decentralized technologies. The initial, preliminary investigation of the statements also emphasizes what can be generously labeled as controversial logic.
“China is preparing to release official standards for blockchain technology next year. An official told Xinhua that the technology would” provide some leadership in the industry. “
Li Ming, director of the Blockchain Research Bureau at the Ministry of Industry and Information Technology (MIT), said work had begun on setting standards for Xinhua’s Economic Information Agenda. However, Lee said the standards would give the blockchain developers some guidance, and that officials did not expect official instructions to “accelerate the development of the industry.” Despite efforts to reduce the financial risks associated with cryptocurrencies and the first coin offerings, the Chinese government has sought to support the development of the blockchain. China became the world’s largest blockchain patent source in 2017, and last September saw a blockchain research center opened by the Chinese Academy of Information and Communication Technology, a research institution under MIIT.
The new standards, developed by the Blockchain Research Office, will include guidelines for blockchain implementation in terms of performance, information security and reliability. Despite the exciting potential around blockchain, the technology remains in its infancy. According to Baimaohui Security Research Center, an online security expert who works with Alibaba and Huawei, security problems caused about $ 2.9 billion in global losses between 2011 and 2018 without clear regulations.
According to Baimaohui, in the last two years alone, $ 1.9 billion has been lost due to blockchain security issues. As China’s leading technology firms and banks apply for blockchain patents, the Ministry of Public Security is examining how the technology will improve data services and increase public confidence in supply chains. Earlier this week, data from China’s Bureau of Intellectual Property showed that a patent application had been filed by the Ministry of Public Security for a blockchain system to protect immutable data in the cloud in a reliable and transparent manner. Such a system can be used and shared by police across the country, allowing information to be shared quickly between different agencies. (CGTN) “
To begin with, let’s not forget the difference between decentralized opportunities and centralized services. A regional competent service naturally follows geographically specific management laws. For example, an international fast food chain may sell alcoholic beverages in some European countries, but the same operator is not allowed in North America. This change is possible because the service change is localized. Having ‘official’ guidance on decentralized opportunities means imagining access to or use of decentralized services in accordance with regional or similar legislation. Can not be. Not centralized.
Second, the U.S. Government Accountability Bureau (GAO) estimated that the 2008 financial crisis cost $ 12.8 trillion. It also leaves out further aid, unemployment and the devastating consequences that millions have suffered.
The causes of the 2008 financial crisis were mainly related to regulation, paperwork (double-dip and merger), subprime mortgage sales, and the Federal Reserve’s increase in interest rates on subprime borrowers. In short, measures taken by the government, the banking and financial industries.
Conversely, losing less than $ 3 billion over seven years for one type of activity is considered negative. Regardless of political affiliation, decentralized technologies offer individual choice that can be applied independently. Individual losses resulting from wrong decisions, such as ICO investments, are covered. In addition, it is a conscious participation that any person can invest or acquire only a certain amount under immediate control. Compare this ceiling to the one-sided dimensions that can be achieved by governments and companies.
The inclusion of decentralized technology in the operating rules of a regional government can no longer prove anything other than double-entry methods. When used by persons who cannot be under the control of a common state, the centralized technological potential itself must be discovered to the same extent.