China-Backed Researchers to Rank the World's Blockchains

A state-owned scientific institution overseen by China's Ministry of Industry and Information Technology has announced that it will produce monthly assessments of blockchain projects.

Revealed during a seminar on Friday hosted by the China Electronic Information Industry Development, the initiative will see the development of an independent rating system - much like a Moody's or Standard & Poor - for the blockchain space.

Dubbed the "Global Public Chain Assessment Index," the system will initially focus on 28 major blockchain projects, looking at their technological capabilities and use cases.

Established in 1995, CCID is the designated scientific research institute for the MIIT, and is responsible for technology research and development, policy-making as well as software testing for a variety of sectors.

In August 2017, the CCID launched a dedicated blockchain research arm based in China's Qingdao city, which will be the main entity to carry out the blockchain assessment work moving forward.

It also comes at a time when the MIIT is beefing up its wider efforts to establish national blockchain standards.

As reported by CoinDesk, the MIIT announced in March this year that it will expedite the creation of a committee to oversee the development of blockchain standardization for the nation.

That work is expected to be completed by the end of next year, officials said this week.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.