The US and China are on the move to establish Blockchain standards

Friends, on March 12, 2018 China announced the establishment of a national Technical Standardization Committee for Blockchain. Such cryptographic ledgers operate in an ecosystem consisting of the following actors. A ledger node modifies an instance of a cryptographic ledger based on the current configuration of the ledger. The ledger node tracks a set of pending ledger events that are candidates for being written to the ledger and writes them to the ledger when it believes consensus has been reached. A ledger agent may be used by any system that communicates over HTTP to instruct a ledger node to perform a specified action on the ledger. China’s initiative comes in the wake of the US NIST Blockchain Technology Overview published in January 2018. With the world’s two largest economies ‘generally’ moving in the same direction how does this bode for Blockchain adoption – growth or endless bureaucracy? And which other sovereign states such as the UK and Australia are prepping standards of their own? And finally, which international entity – e.g. IEEE or ISO – will serve to harmonize these standards I the months and years to come? Share your comments with us today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)