Continuing on from their recent development, Aelf now joins a very elite club by receiving the Standardized Institute Certificate from the Chinese Government.
When blockchain technology landed in 2008, very little about it was known. Its service to Bitcoin attracted the public eye and governments as the cryptocurrency gained meaningful value. Fast forward to 2019; governments are struggling to regulate a system that is primarily meant to thrive without a central point of control.
A quick search of “governments and cryptocurrency” on Google reveals the various attempts governments are making to regulate cryptocurrencies. To many, it may even seem, and it may be so that governments are against blockchain and cryptocurrencies. However, in as much as regulations are being made as the government seeks to control a decentralized technology; the same governments are also embracing them.
Certifications Reserved For Only The Very Best
The Chinese government is known for its hard stance on cryptocurrencies. An article released by Wired earlier this year even mentions China planning to ban Bitcoin mining, the latest in its laws that are seemingly killing cryptocurrencies. However, behind the scenes, China is embracing blockchain technology and cryptocurrencies.
A technology testing body backed by the Chinese government constituted in 1973, China Electronics Technology Standardization Institute (CESI) has been carrying out extensive tests to determine the robustness of top blockchain players within the country. The tests are known as Standard Blockchain System Function Test, pressure tests, and certifies blockchains that meet the standards.
Since the body was constituted, only thirty projects of the many tested, met the set criteria leading to their certification. Some of the certified projects include Lenovo, Alipay, and recently, the latest project to be certified by CESI, Aelf.
The certification offered by CESI confirms that the project or technology in use meets strict set criteria on the viability, usefulness, and robustness of the technology and platform tested.
Why Is The Certification Significant?
To the public eye, certification means approved and safe to use. Therefore, the public gains trust in the technology tested and use it freely.
From the industry’s perspective, the certification process and system are proof that the Chinese government is supporting blockchain technology.
Recently, during the launching ceremony and the first academic seminar of the Digital Finance Open Research Program, one of the top figures in Finance in China, Xin Wang, made some positive remarks on the potential of blockchain technology in the financial sector of the country.
He stated:
“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.”
For the director of People’s Bank of China Research Bureau and head of the Monetary and Financial Bureau to make such statements, the systems in place likely favor the development of blockchain and other related technologies.
China Increasingly Warming To Blockchain Technology
Still viewed as one of the harshest countries in terms of cryptocurrency laws, China’s certification process of blockchain platforms is a bold statement on the stance it has taken regarding the technology.
By formulating the Standard Blockchain System Function Test, China has done what many governments are struggling to do, accepting that blockchain is part of the future. The standardization of tests for blockchain platforms allows China to decide on the criteria for blockchain operations within its borders.
The outright stance taken by the Chinese government helps solidify the presence of blockchain in the country. Touted as one of the best problems solving technologies, various industries have the opportunity to work with blockchain platforms that have undergone standardized testing. This will likely affect the acceptance and use of blockchain technology in China positively.
ælf Is Now In Esteemed Company
There is currently no obligation to take the Standard Blockchain System Function Test. However, by taking the test, blockchain companies operating in China certify their credibility and increase their chances of working in various industries in the country.
For platforms such as Aelf, which was recently certified, they are set apart from the many blockchain platforms operating in the country. Aelf offers numerous solutions that can be applied in arguably any industry in the Chinese market. Having passed the complex test, and with a score of over 90%, Aelf stands out in crowded blockchain space.
Ma Haobo, Aelf’s founder and CEO, is aware of the status the certification comes with. He remarked:
“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.”
Being the first internationally operating blockchain company to receive the certification, Aelf not only stands out in China but also in the rest of the world. The Chinese example may be followed by other countries that may be keen to certify projects that have already undergone robust testing such as what Aelf has experienced.
Aelf now plays in the exclusive league of thirty that includes the likes of Lenovo and Alipay.
To learn more ælf about or keep up with the latest in this ongoing dispute please use this link.
#aelf #DPoS #blockchain #CESI #ParallelProcessing $ELF
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.
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