VeChain Foundation
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VeChain Foundation

VeChain Helps Establish The ‘Shanghai Association Standards For Blockchain Service’ Certification

The blockchain industry in Shanghai has enjoyed robust and fast-paced development in recent years thanks to the city’s unrelenting efforts and embracing of blockchain technology.

In order to expedite the development of blockchain-enabled services in Shanghai, the Shanghai Municipal Administration of Market Supervision and the Shanghai Certification Association, made the Certification Standard for Blockchain Service officially effective from February 1, 2022.

As one of the initiators of the standard, VeChain provided key technical input based on its own products, services and experiences, with standardised service guidelines based on internal practices. Dr. Peter Zhou, Chief Scientist of VeChain, and Dr.Zhijie Ren, Senior Blockchain Researcher, provided technical advisory and input to facilitate the formation of Shanghai’s blockchain standard.

The most important objective of the standard is to provide a robust and proven assessment structure of present blockchain-enabled enterprise services. It specifies the normative requirements for blockchain service evaluation and certification, including the technical requirements, compliance baseline and the general and specific management requirements for blockchain applications. The standard also includes evaluation indexes, evaluation methods and recommended approaches involved in service evaluation.

This standard is widely applicable, being relevant for blockchain service level evaluation and certification activities as well as for regulating blockchain service operators. It also contains universal guidance for technology providers looking to offer blockchain-based business services, while providing a valuable reference standard for enterprises looking to define premium, credible blockchain-based digital services.

Cover page, terminology page, and acknowledged contributors (VeChain and VeResearch team)

Standards Pave The Way For Mass Adoption

VeChain is no stranger to aiding the development of compliance standards. In November 2020, VeChain participated in the world’s first IEEE international standard in the blockchain field; 2418.2–2020 Data Format Standard for Blockchain System. Led by China Electronics Technology Standardisation Institute, the outcome showcased VeChain’s technical capabilities and ability to develop standardised, scalable designs that lead to safer and faster adoption.

Throughout 2021, VeChain has continued to aid the development of standards for a variety of bodies, in fields ranging household electrical appliances to non-staple foods and even contributions to regulatory jurisdictions, as in San Marino, Europe. VeChain’s approach to mass adoption has been measured and methodical and this latest achievement is yet another paving stone in our path to true global mass adoption.

We look forward to writing more of the rules in 2022 and beyond as we continue our journey in to the era of blockchain!

About VeChain

Launched in 2015, the VeChain Foundation has worked tirelessly to build bridges between blockchain technology and the real world. VeChainThor’s evolution continues to gather pace, transitioning from consortium network to a best-in-class public blockchain platform. As the ecosystem enabler, the Foundation’s mission is to empower builders and innovators by developing tools that systematically eliminate adoption hurdles and lower entry barriers for businesses and developers alike.

VeChainThor has already been applied across a diverse array of use cases, aiding the daily operations of corporations and creating new value and efficiencies. Alongside key strategic partners PwC and DNV, VeChain has collaborated with world-leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group and more.

For more information, including developer tools/documents and foundation grants, please visit: www.vechain.org

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VeChain Foundation

VeChain Foundation

The VeChain Foundation is a non - profit entity established in Singapore.