In a bid to develop and bolster the use of blockchain technology in China, the National Blockchain Technology Innovation Centre was established and has commenced operations in Beijing.
China launches a massive national blockchain centre
The centre will work in close collaboration with local universities, think tanks, and blockchain-based enterprises. Their mission is to train over half a million specialists in distributed ledger technology (DLT) with the aim of becoming the foremost global hub for blockchain innovation and expertise.
The move reflects China’s strategic efforts to remain at the forefront of technological innovation in the blockchain space and reaffirms its commitment to its ongoing blockchain development plans.
The newly-established centre has tapped the Beijing Academy of Blockchain and Edge Computing to spearhead its operations. The academy is the creator of ChainMaker, a domestically-developed blockchain solution that serves as the blueprint for the centre’s projects.
A consortium of 50 business corporations, including heavyweights such as China Construction Bank and China Unicom, has already lent their support to ChainMaker. Reports suggest that the centre will concentrate on constructing colossal blockchain computing power clusters, which will boost the country’s blockchain capabilities to new heights.
Zheng Zhiming, a mathematics and systems science professor at Beihang University, outlined the centre’s objectives of joining together the various blockchain use cases across the country – currently referred to as “blockchain islands” – into a cohesive network. The goal is to provide an integrated, nationwide blockchain platform that will improve the blockchain infrastructure of China as a whole.
Connecting blockchain application platforms and aggregating blockchain application ecology will significantly enhance blockchain innovation capabilities and core competitiveness – Zheng Zhiming.
Despite China’s ongoing crackdown on cryptocurrencies, the government is still exploring the digital economy’s potential. To develop artificial intelligence without relying on high-tech hardware imported from the US, Chinese companies are researching ways to leverage weaker semiconductors and chip combinations.
Meanwhile, China is making strides in its central bank digital currency (CBDC) project. In April, the country announced that it was expanding the use cases for the digital yuan to its “Belt and Road” initiative and cross-border trades.
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