The security centre dedicated to the blockchain will be essential to regulate the development of the sector
China is ready to overcome one of the main obstacles that is slowing down the spread of blockchain technology, that of security. Changsha, the capital of the province of Hunan, has in fact signed an agreement with the Emergency Coordination Centre of the national IT network to begin the security tests for the blockchain.
The security centre dedicated to the blockchain will be essential to regulate the development of the sector, monitor data and increase supervision work in China. The scope of the test centre will include code review and risk control, as well as other services.
Wu Zheng, Secretary-general of National Committee of Experts on the Internet Financial Security Technology, said: “Whether or not blockchain technology is mature and stable, or the smart contracts being developed are safe are all critical factors that affect the adoption of blockchain technology and its applications”
The test centre will have an annual production of RMB 500 million
The team of experts who have to solve the security breaches, which exist in many intelligent contracts, wants to solve this problem thanks to a highly automated verification platform, which can be used to improve the security and functionality of smart contracts
According to a representative for the economic development zone, the test centre will have an annual output of RMB 500 million within the first five years of operation.
Already in August Changsha County opened the first industrial blockchain park
The Changsha County, moreover, is not new to issues of this kind, having opened the first industrial blockchain park in August. This has attracted businesses from first-tier cities, including Beijing and Shenzhen.
The National Information Network Emergency Coordination Center (established in 2002) is the only support platform for Internet-based monitoring technology that operates at the national level.
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