The China Electronic Information Industry Development Institute (CCID), which reports directly to the Chinese Ministry of Industry and Information Technology, and which was set up twenty years ago “to serve as a bridge between government and industry in order to facilitate technological innovation,” met yesterday with leading academics [English translation available here: Ed] to discuss the latest developments in blockchain-related technologies.Â
Public Blockchain with Full Consulting Services
Amongst the most notable outcomes of the meeting were a decision to proceed with a Blockchain Institute to be based in the Chinese port city of Qingdao, serving as CCID’s formal blockchain arm. The Blockchain Institute will initially be tasked with the creation of an open-source public blockchain that will be supplied with technical consulting services to help facilitate all publicly funded blockchain projects.Â
As part of the creation of its public blockchain, CCID has also decided to proceed with a formal study and assessment of the world’s leading blockchain technologies before making a decision on the creation of its own public chain.Â
Twenty eight blockchains feature on the list for a first-round “full assessment” including Bitcoin, Cardano, IOTA, NEO, Ethereum, Dash, Monero and ARK. The project is thought to be the world’s most comprehensive comparative study of leading blockchain technologies yet commissioned by a statutory body.Â
The study will carry a specific focus on “interoperability, data fusion … , integration with AI and big data, as well as application scenarios for expanding blockchains [scalability].” There was no announcement as to when the group can be expected to report on its initial findings, although a preliminary update on the subject is expected over the next few weeks.Â
