Led by the central bank, the first blockchain standard in the domestic financial industry is released

Recently, "Financial Distributed Ledger Technical Security Specifications" (JR / T 0184-2020) financial industry standards (hereinafter referred to as standards) were released. This is the first blockchain standard in the domestic financial industry.

The "Standards" are under the centralized management of the National Financial Standardization Technical Committee, and are proposed and drafted by the Digital Currency Research Institute of the People's Bank of China. Units participated in drafting. The standard has been extensively solicited for opinions and demonstrations, and has passed the review of the National Financial Standardization Technical Committee.

The "Standard" was compiled to standardize the application of distributed ledger technology in the financial field, and to improve the information security guarantee capability of distributed ledger. The "Standard" mentioned that distributed ledger technology is a distributed infrastructure and computing paradigm formed by the highly integrated core technologies such as cryptographic algorithms, consensus mechanisms, point-to-point communication protocols, and distributed storage. While the distributed ledger technology form is still in the plastic stage, it is necessary to formulate security specifications for key technologies so that financial institutions can deploy and maintain systems in accordance with appropriate security requirements, avoid shortcomings, and provide business guarantees for the large-scale application of distributed ledger technologies. Capabilities and the ability to restrict information security risks form a benign promotion for industrial applications.

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The "Standard" specifies the security system of financial distributed ledger technology, including basic hardware, basic software, cryptographic algorithms, node communication, ledger data, consensus protocols, smart contracts, identity management, privacy protection, regulatory support, operation and maintenance requirements, and governance. Mechanism, etc. The standard is applicable to institutions engaged in the construction or service operation of distributed ledger systems in the financial field.

After the "Standard" was released, some insiders questioned that although blockchain and distributed ledgers look similar in many places, they are different things. While reading the full text of the Standard, I have not seen the appearance of "blockchain". So, why is this standard called the first blockchain standard in the financial industry?

In response, Babbitt quickly contacted one of the drafters, Li Bin, the chief researcher of Fintech of Weizhong Bank.

Li Bin said, " According to the expression in ISO Terminology Standard 22739, the blockchain is a distributed ledger that uses cryptographic technology to add consensus confirmed blocks in order. In other words, the blockchain is a child of the distributed ledger. However, at present, the two basically refer to the same thing, and this standard can basically be understood as the standard of the financial alliance chain. "

In fact, as early as 2017, the "Blockchain Reference Architecture" standard issued by the China Electronics Standardization Institute defined the blockchain and pointed out that the blockchain is a peer-to-peer network environment. Transparent and trustworthy rules, building a non-forgeable, non-tamperable and traceable block chain data structure, and implementing and managing transaction processing models.

Regarding the relationship between blockchain and distributed ledger technology, the "Blockchain Reference Architecture" states:

Strictly speaking, the original connotations of the two concepts of blockchain and distributed ledger technology are significantly different. The basic technical characteristics of the blockchain are: the transactions that occur within a period of time are organized into blocks, and the blocks are linked in a sequential manner by means of cryptographic features (such as hash values) to form blocks with the basic unit as a unit. "Chain", and copy and share the "chain" among participating nodes in the blockchain network, while the content on the chain is collectively maintained by a network of participating nodes based on different consensus mechanisms. The distributed ledger technology is a type of technology used to implement distributed ledger. It is emphasized that transaction processing is achieved by copying and sharing the ledger, and the ledger is verified and maintained by the participants in the network. It does not specify the specific Technical characteristics.

In many application scenarios, blockchain and distributed ledger technology are inextricably linked. Block chain is a commonly used technical means to realize distributed ledger. To some extent, blockchain can be regarded as a type of distributed ledger technology. Especially driven by different interests, concerns and needs, the application practice of the two gradually reflects a trend of mutual integration. Recently, the Blockchain Research Group of the Digital Currency Research Institute of the People's Bank of China also pointed out in the article "Development and Management of Blockchain Technology" published by "China Finance" that blockchain is a new type of distributed database. It is called a distributed ledger. Blockchain technology uses a block chain structure to verify and store data, uses consensus algorithms to generate and update data, ensures data and ownership security with the help of cryptography, and implements collaborative calculation of data through programmable script code.

Since in the eyes of the central bank, distributed ledgers and blockchain are the same thing, it is reasonable that the "Specifications for Financial Distributed Ledger Technical Security" is called the first blockchain standard in the domestic financial industry.

The release of the financial distributed ledger industry standard led by the central bank coincided with this time. In October last year, during the eighteenth collective study, the Political Bureau of the Central Committee of the People's Republic of China proposed to strengthen the research on the standardization of blockchain and improve the international discourse power. Rule-making power.

At present, two major blockchain technology standards organizations, such as the "China Blockchain Technology and Industrial Development Forum" initiated by the China Electronics Technology Standardization Institute and the "Trusted Blockchain Promotion Plan" initiated by the China Academy of Information and Communications Technology, have been formed in China. Among them, the former has issued 10 blockchain standards, and the latter has more than 20 in-research, which has strongly promoted the development of China's blockchain technology and industry.

However, although there are many current blockchain standards, it is still unknown when they will land on specific blockchain products.

"China's blockchain standard certification has not yet begun. At present , it is a relatively broad technical standard, and it has not yet reached the level of product standards . After all, technical standards are not compulsory certification like those in food and medical safety industries. The institution's blockchain system complies with the blockchain standards formulated by the central bank. I personally think that there should be qualification certification and the like. Of course, the more important thing is how to promote the formation of de facto standards like two-dimensional code technology. "Li Bin said.

Full text of "Technical Security Specification for Financial Distributed Ledger" (slide left on mobile phone): https://www.chainnode.com/doc/4024

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