“Official” blockchain standards for 2019

The brief statement describes the government’s expected official definitions of blockchain regulations. Publicly advertised justifications may seem relatively harmless or really reasonable, but such formal justifications are an obvious attempt to limit rather than develop decentralized technologies. Even a simple preliminary study of the statements underscores what can be generously called controversial logic.
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“China will publish official standards for blockchain technology next year, with one official telling Xinhua that it will” give the industry some guidance “on the technology.
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Li Ming, director of the Ministry of Industry and Information Technology’s (MIIT) blockchain research office, told Xinhua Daily Economic Information that work has already begun on setting standards. However, Lee made it clear that although the standards provided some guidance for blockchain developers, the authorities did not expect formal guidelines for “rapid progress” in the industry.
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Despite efforts to limit the financial risks associated with cryptocurrencies and initial coin offerings, the Chinese government is seeking to show its support for the development of the blockchain. China was the world’s largest source of patents in 2017, while a blockchain research center opened by the Chinese Academy of Information and Communication Technology, a research institution at MIIT, opened last September.
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The new standards, developed by the Blockchain Research Office, will include guidelines for implementing the blockchain in terms of business, information security and reliability, Li told Xinhua. Despite the exciting potential around the blockchain, the technology remains in its infancy. Without clear regulations, security issues caused nearly $ 2.9 billion in global losses between 2011 and 2018, according to Baimaohui, a security research center who worked with Alibaba and Huawei. .
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In the last two years alone, $ 1.9 billion has been lost due to blockchain security issues, according to Baimaohui. Not only are leading Chinese technology companies and banks applying for blockchain patents and exploring how technology can improve services and boost public confidence in supply chains, the Chinese Ministry of Public Security is also exploring how to implement technology in terms of data storage.
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Earlier this week, data from the Chinese Intellectual Property Office showed that the Ministry of Public Security has filed a patent application for a blockchain system that will securely and transparently store fixed data in the cloud. Such a system can be used and shared by the police throughout the country, which allows fast data sharing between different agencies. (CGTN) ”
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To begin with, let us not forget the differentiation of decentralized capacity from centralized services. A regionally authorized service naturally adheres to specific geographically applicable legislation. For example, an international fast food chain may sell alcoholic beverages over the counter in some European countries, while the same operator is not normally allowed to do so in North America. This change is possible due to the localization of the use of the service. Having “formal” guidelines for decentralized capabilities would mean imagining that access to or use of decentralized services is regional or under the same legislation. That may not be the case. It is decentralized.
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Second, the US Accounting Office (GAO) estimates that the 2008 financial crisis cost $ 12.8 trillion. This further misses the bailouts, unemployment and large-scale harmful effects suffered by millions.
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The reasons for the financial crisis of 2008 are largely due to deregulation, securitization (double immersion and packaging), sales of subprime mortgages and rising interest rates on the Federal Reserve for subprime borrowers. In short, actions taken by the government, the banking and financial industry.
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In contrast, if a set of activities loses less than $ 3 billion in seven years, it is insignificant. Regardless of the political position, decentralized technologies offer the ability for individual independent choice of the individual. Personal loss is retained as a result of making bad decisions, such as an ICO investment. Moreover, it is a conscious participation in which each person can invest or gain access only to a certain amount that is under their direct control. Compare this ceiling to the one-sided dimensions achievable by governments and corporations.
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Incorporating decentralized technology into a regional government’s operational guidelines may prove to be nothing more than redundant double-counting methods. Used by individuals who are not collectively within the competence of any government, at the same time decentralized technological capacity must be discovered in the same way.
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