The National Blockchain Technology Innovation Center in Beijing, China, has officially commenced operations, marking a significant milestone since its initial announcement in February. With the collaboration of local universities, think tanks, and blockchain businesses, the center aims to foster the development of blockchain technology within the country. One of its key objectives is to train over 500,000 professionals in distributed ledger technology (DLT).

At the forefront of this new initiative is the Beijing Academy of Blockchain and Edge Computing, known for its creation of the ChainMaker blockchain. This homegrown blockchain technology serves as a blueprint for the center’s future developments. Notably, ChainMaker has garnered support from a consortium of 50 business corporations, including prominent state-owned entities like China Construction Bank and China Unicom. Reports suggest that the center will facilitate the establishment of “ultra-large-scale” blockchain computing power clusters.

Professor Zheng Zhiming from Beihang University’s School of Mathematics and Systems Science emphasized the center’s mission of integrating various blockchain use cases across the country. By connecting these individual “blockchain islands,” the center aims to create a cohesive network that enhances the overall efficiency and effectiveness of blockchain technology.

Despite the ongoing crackdown on cryptocurrencies, the Chinese government remains actively engaged in exploring the possibilities of the digital economy. Chinese companies are investing in research and development efforts to harness artificial intelligence using innovative approaches like weaker semiconductors and chip combinations. These strategies aim to reduce reliance on a single type of high-tech hardware primarily imported from the United States.

China continues to make significant strides in its central bank digital currency (CBDC) project. In April, the country announced an expansion of the use cases for the digital yuan, extending it to the “Belt and Road” initiative and cross-border trade. This move highlights China’s commitment to leveraging CBDC technology for facilitating seamless and secure transactions both domestically and internationally.

The establishment of the National Blockchain Technology Innovation Center in Beijing signifies China’s dedication to advancing blockchain technology and its applications. By fostering collaboration between academia, think tanks, and industry players, the center aims to train a substantial number of blockchain specialists and unify blockchain networks across the country. Moreover, China’s proactive exploration of the digital economy, including AI development and the implementation of the digital yuan, demonstrates its commitment to staying at the forefront of technological innovation.

By Impact Lab