IEEE: Huobi, Tencent and Huawei together for blockchain projects
Blockchain

IEEE: Huobi, Tencent and Huawei together for blockchain projects

By Stefania Stimolo - 7 Nov 2019

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The organisation dedicated to the advancement of technology, IEEE (Institute of Electrical and Electronics Engineers) has involved Huobi, Tencent, Huawei and other major industry players to discuss blockchain standards

At a recent IEEE meeting in Hong Kong, leading companies and institutions reportedly entered into a new partnership to develop industry standards that would help build consensus on projects in terms of blockchain transactions and payments.

In particular, the crypto exchange Huobi was involved in two back-to-back working groups on digital resources, in which eight blockchain standards were discussed. 

A working group called P2140 was dedicated to the implementation of crypto payment standards such as performance metrics and risk control requirements.

 The second group, P2143, was designed to develop five crypto exchange standards, which include user identification, money laundering and the custody framework. 

In this regard, the President of Huobi Research, Yuan Yuming said:

“IEEE’s stellar industry reputation and meticulous discussion process are an asset to forming universally accepted international standards”.

Another testimony to the meeting’s success is Johnny Lin, a standards consultant who chaired the two project groups.

Lin said that both working groups were successfully introduced and that this first meeting covered a lot more about the project and its participants’ overview in terms of expertise and scope. 

More meetings are scheduled for the future to continue the project on blockchain standards. 

A very different situation from the blockchain standard discussed by the developer Chaals Nevile of the EEA – Ethereum Enterprise Alliance at the end of September 2019 during the Blockchain Live event in London.

Although the EEA is also an association dedicated to defining blockchain standards for businesses, the focus of Nevile’s speech was mostly on the adoption of the Proof of Stake versus the Proof of Work

 

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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