China will lead an international research group on the standardisation of the Internet of Things (IoT) and blockchain technology.
The research group is intended to promote fiat-digital integration by providing a large number of industrial application scenarios as well as establishing a working mechanism to promote international standardisation for IoT and blockchain technologies.
This research group will include IoT and blockchain professionals from more than ten countries including the US, the UK, Germany, and France.
China has recently started speeding up adoption of blockchain technology in the country. Last month, the People’s Bank of China (PBoC) filed a patent for a digital currency wallet that consumers can use to track all their cryptocurrency transactions. Also in June, the central bank had revealed a blockchain-powered system to digitise paper checks.