China is set to launch the first blockchain security testing center in the country. The National Computer Network Emergency Coordination Center has signed an agreement with the economic development zone of Changsha, the capital city of Hunan province, to open the country’s first blockchain security tech testing center, local media is reporting.
The dedicated security testing center for blockchain will be instrumental in regulating the development of the industry, monitoring data and reporting the supervision work relevant to the blockchain in China. The scope of the testing center will include code review and risk control, among other services.
“Whether or not blockchain technology is mature and stable, or the smart contracts being developed are safe are all critical factors that affect the adoption of blockchain technology and its applications,” said Wu Zheng, Secretary-general of National Committee of Experts on the Internet Financial Security Technology.
The emergency coordination center and the economic development zone of Changsha will start recruiting blockchain security companies to work on the initiative.
One of the members on the security testing team claimed that the team has designed a highly automated verification platform that can be used to enhance the security and the functionality of the smart contracts. Their solution targets the security loopholes that exist in many smart contracts.
According to a representative for the economic development zone, the security testing center will be expected to bring in annual output of RMB 500 million within the first five years of operation.
Changsha has emerged as an important site for blockchain development.
Changsha county opened the first blockchain industrial park in central in August, which attracted blockchain enterprises from first-tier cities including Beijing and Shenzhen. The Changsha county and Changsha Economic Development Zone also established a special team to work on blockchain and plans to implement policies favorable to the development of the technology.
The National Computer Network Emergency Coordination Center, established in 2002, is the only internet finance monitoring technology support platform operating at the national level.