A Chinese scientific institution owned by the state government and managed by the Ministry of Industry and Information Technology (MIIT) will commence assessing blockchain projects on a monthly basis.

This announcement was revealed during a seminar held by the China Electronic Information Industry Development (CCID). Their idea is to develop an independent rating system for blockchain platforms similar to Moody’s and Standard & Poor. These two established credit rating agencies, Moody’s and Standard & Poor offer services to companies and countries through research on how their economic environment is ranked.

This system will assess 28 major blockchain projects. Through this process, the dubbed “Global Public Chain Assessment Index” will evaluate their technological capabilities and how it will be used.

What is the purpose of CCID?

The CCID is a scientific research institute working alongside the MIIT. Its main responsibilities involve technology research and development, policy-making and software testing for a number of different sectors.

With the launch of the blockchain research in August 2017, the CCID will remain the sole entity to carry out the blockchain study on these blockchain based companies. In addition, the MIIT is looking to pass national blockchain standards to the industry.

It is reported that the CCID move to rank blockchain companies should start its operations by the end of next year.

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