China to create first blockchain security testing centre in Changsha

Chinese officials will soon begin to recruit startups to work at the testing centre, which they believe will generate $72 million in revenue within the first five years of operations

China has announced the creation of the country’s first blockchain security testing centre in the economic development zone of Changsha, the capital city of Hunan province.

The government’s National Computer Network Emergency Centre and Changsha have signed an agreement to establish the centre, which, they say, will play a key role in regulating the new technology.

The centre, which will include code review and risk control, among other services, will also help to monitor and report the supervision work relevant to the blockchain technology in China.

“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,” says Wu Zheng, Secretary-General of China’s National Committee of Experts on the Internet Financial Security Technology.

Recruitment begins soon

Local news outlets report that officials will soon begin recruiting DLT security companies to work on the project.

A source close to the initiative claims that the team has already designed an automated verification platform of smart contracts aimed at enhancing their functionality and security.

Changsha opened the first blockchain industrial park in August of this year, attracting blockchain startups from Beijing and Shenzhen.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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