Chinese Government Blockchain Standardized Certification Received by Lenovo, Alipay, and Aelf

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While most governments around the world are guarded against the challenge of cryptocurrencies and blockchain technology, surprisingly, the Chinese Government, though vehemently against cryptocurrencies, regards Blockchain technology with a positive view. Since 2017, the China Electronics Technology Standardization Institute (CESI) has been conducting Standard Blockchain System Function Test in order to pressure test and certify the top blockchain projects operating in China.

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Since inception, the organization has certified only 30 projects globally, including Lenovo, Alipay, and most recently, Aelf.

At the launching ceremony and the first academic seminar of the Digital Finance Open Research Program held on July 8, 2019, Xin Wang, director of People’s Bank of China Research Bureau and head of the Monetary and Financial Bureau, remarked on the potential of blockchain-based financial solutions.

“We need to strengthen the construction of digital financial solutions (based on blockchain). There are various technical shortcomings involving the current financial infrastructure in areas of privacy protection and system security against malicious attacks.”

The creation of the Standard Blockchain System Function Test indicates that, despite its reputation as a hard-line regulator, China is on the forefront when compared with governments around the world, when it comes to regulating Blockchain regulatory and development solutions.

The certification provides a standard that can be used by the general public and other enterprises to judge the foundation of the projects that otherwise would be difficult without the knowledge and manpower to independently conduct the validation. 

Currently, there is no obligation for any project to apply for certification, but those that do apply, undergo rigorous testing and scrutiny to verify the quality of all aspects of the technology. Upon having an application approved, the project will then receive a visit from specialized government agents who complete a comprehensive process consisting of over 40 pages of tests and analysis. The test is so complex and difficult that a pass constitutes a score above 60%. From application to certification, the process takes almost 4 months. Out of an unverified number of applicants, only 30 projects have received certification over the course of the past 2 years.

Aelf is the latest company to receive certification and is the first international blockchain-focused company to receive the globally recognized status with a score of over 90%. They have now joined the ranks with Lenovo and Alipay.

Aelf’s CEO and Founder, Ma Haobo stated:

“This certification shows the quality and core ability of not only our developers but our blockchain platform. It is designed to meet the strict quality large enterprises are given to expect, and indeed require, to ensure they can function at the performance their clients expect.”

He went on to explain that this certification is something other governments should take notice of and employ to aid in their ever-evolving regulatory solutions.

For more information visit aelf.io

Aelf is a multi-chain network and smart contract platform pioneering blockchain in business. aelf’s blockchain will enable businesses to operate their applications on the public chain domain, or their own private chains, without the hassle of building their own. Within the aelf ecosystem, each application will have its own resources to secure high performance. aelf’s token (ELF) was recently selected by Huobi’s HB10 fund as one of the top 10 most reliable investments based on its well-founded platform. aelf recently announced the results of its initial testnet, which achieved 15,000 transactions per second (TPS). For more information, visit aelf.io

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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