China UnionPay Releases Blockchain Project Assessment Standards

Tongji University in Shanghai, China recently held The Blockchain Projects Assessment Conference. The blockchain conference was co-hosted by Zhou Yu, Director of Blockchain Projects of E-commerce and Electronic Payment National Engineering Laboratory (EEPNEL) for China UnionPay, and Professor Ma Xiaofeng, Deputy Director of Data and Network Security Research Center (DNSRC) at Tongji University.

It was these two organizations, Tongji’s DNSRC and China UnionPay’s EEPNEL, who collaborated on developing China's Blockchain Evaluation Standard. The evaluation standard for assessing blockchain projects was first released to the public at the recent conference. China UnionPay is the world’s largest card payment organization, with regard to debit and credit card transactions, standing ahead of Visa and Mastercard.

China’s new standard is comprised of two parts: a general assessment standard for blockchain-based projects in all sectors, and an additional standard just for the financial sector. The general standard consists of 36 test items, which are made up of an authentication test, performance test, and security test. The financial standard is a set of 34 test items and 114 evaluation indicators across nine areas, including scalability, security, performance, and interoperability. The finance assessment standard also includes a business scenario for testing purposes.

The standard is deployed through a blockchain-based cloud platform where projects can be evaluated, audited, and debugged. China’s new assessment standard has already been deployed to test relevant projects from the Shanghai Blockchain Innovation Sandbox. That sandbox was jointly founded by Tongji University, China UnionPay, and many other finance and tech enterprises.

It would seem these Chinese organizations are helping the blockchain sector to regulate itself. By setting evaluation standards for blockchain projects, integrating them into existing systems should occur more easily. This could happen by efficiently filtering out the projects that aren’t ready for widespread adoption or lack appropriate security measures.

If this type of system proves to be successful at accelerating the growth of blockchain technology, it wouldn’t be surprising to see other countries form similar standardized evaluations for blockchain-based projects.