The brief statement details the official definitions of the government’s blockchain rules that await the government. Publicly substantiated justifications may seem relatively innocuous or truly prudent, but such formal justifications are a clear attempt to reduce rather than develop decentralized technologies. Even a rudimentary preliminary investigation of the statements underscores what can be generously called controversial logic.
China is going to publish official blockchain technology standards next year, and one official told Xinhua that they would “give the industry some recommendations” on the technology.
Li Ming, director of the Blockchain Research Office at the Ministry of Industry and Information Technology (MIIT), told Xinhua that work has already begun on setting standards. However, Lee made it clear that while the standards will provide some guidance to blockchain developers, authorities do not expect official guidance to “quickly advance the development” of the industry. Despite efforts to reduce the financial risks associated with cryptocurrencies and initial coin offerings, the Chinese government has tried to demonstrate its support for the development of the blockchain. China was the world’s largest source of blockchain patents in 2017, while a blockchain research center was opened last September, opened by the Chinese Academy of Information and Communication Technology, a research institution under MIIT.
The new standards being developed by the Bureau of Blockchain Research will include recommendations for the use of the blockchain in terms of business, information security and reliability, Li Xinhua said. Despite the exciting potential of the surrounding blockchain, the technology remains in its infancy. Without clear rules, security issues brought worldwide losses of nearly $ 2.9 billion between 2011 and 2018, according to the Baimaohui Security Research Center, an Internet security specialist who worked with Alibaba and Huawei.
According to Baimaohui, over the past two years, only $ 1.9 billion has been lost due to blockchain security concerns. China’s leading technology firms and banks not only claim blockchain patents and explore how this technology can improve services and increase public confidence in supply chains, China’s Ministry of Public Security is also exploring how to implement this technology in terms of storage. Earlier this week, data from the Chinese Intellectual Property Office showed that the Ministry of Public Security had filed a patent application for a blockchain system that would allow secure and transparent storage of unchanged data in the cloud. Such a system can be used and disseminated by the police throughout the country, which allows for the rapid exchange of data between different departments. (CGTN) “
To begin with, let us not forget about the differentiation of decentralized capacities in comparison with centralized services. The regionally authorized service naturally adheres to geographically defined legislation. For example, an international fast food chain may sell over-the-counter alcoholic beverages in some European countries, while in North America this operator is generally banned. This option is possible due to the localization of service use. Having “official” recommendations on decentralized capabilities would mean making access to and use of decentralized services regional or in accordance with the same legislation. Maybe not. It is decentralized.
Second, the U.S. Bureau of Accountability (GAO) estimated that the 2008 financial crisis cost $ 12.8 trillion. It also omits the following relief measures, unemployment and the extensive harmful effects that millions have suffered.
The reasons for the financial crisis of 2008 are largely explained by deregulation, securitization (double fall and purchase), the sale of mortgages of imperfect yields and raising the Federal Reserve rate for substandard borrowers. In short, the actions taken by the government, banking and finance.
On the contrary, a loss of less than $ 3 billion over seven years is negligible. Regardless of the political position, decentralized technologies provide the opportunity for independent human choice. Contains personal loss as a result of bad decisions such as ICO investments. Moreover, it is a conscious participation when any person can invest or access a certain amount that is under direct control. Compare this ceiling to a one-sided level, achievable by governments and corporations.
The inclusion of decentralized technology in the operational recommendations of one regional government may prove to be nothing more than redundant double-entry methods. Used by individuals, which together may not be within the competence of the government, simultaneously decentralized technological potential must be equally expressed.