The plenary meeting of the International Telecommunication Union – Telecommunication Standardisation Sector (ITU-T) Study Group 16 was held online from 22 June to 3 July 2020.
During the meeting, the Financial Distributed Ledger Technology Application Guideline was approved. The standard was led by the Digital Currency Research Institute of China (DCRI) and was jointly initiated by the China Academy for Information and Communications (CAICT) and Huawei, among others.
Currently, major countries and international organisations are accelerating the technological innovation and application of blockchain. China is not an exception: various efforts have been made to speed up and promote the innovation and development of the blockchain technology and industry. In particular within the finance sector, blockchain technology has already been widely adopted in trade finance, bill exchanging, supply chain finance, deposit certificate, reconciliation, asset securitization and others.
For a long time, DCRI has proactively undertaken work in the field of legal digital currency and blockchain standardisation. Leveraging on the core role of the SAC/TC180 (Finance)/Legal Digital Currency Standards Working Group, it researched and formulated the standards for the distributed ledger technology and other financial technologies, in with the aim to standardise the technology and application of the distributed ledger.
The approved Financial Distributed Ledger Technology Application Guideline is the first financial blockchain international standard project led by China. China looks forward to using this standard as a framework to:
- Contribute to the planning and layout of the financial blockchain international standards system;
- Create sub-standards such as reference frames, risk control, security and privacy protection, and financial blockchain business specifications in various fields;
- Submit more China-led financial blockchain standards to ITU-T;
- Make more contributions to the formulation of international rules.