The National Blockchain Technology Innovation Center was officially inaugurated in Beijing on May 10, with the goal of developing blockchain implementation in China. It will train over 500,000 DLT specialists through a combination of collaborative efforts with local universities, think tanks, and blockchain businesses. The expansion of this center is part of China’s ongoing effort to investigate the opportunities presented by the digital economy.
The ChainMaker blockchain, which was developed by the Beijing Academy of Blockchain and Edge Computing, will serve as the basis for the Center’s future development. The Beijing Academy of Blockchain and Edge Computing is in charge of running the Center. Already, ChainMaker has the support of fifty different commercial corporations, the majority of which are owned by the state. These corporations include China Construction Bank and China Unicom. The Center is rumored to hasten the building of “ultra-large-scale” blockchain computing power clusters, as reported by the local media.
According to Zheng Zhiming, a professor at the School of Mathematics and Systems Science at Beihang University, states that the Center’s mission is to connect various blockchain use cases in the country, also known as “blockchain islands,” into a single cohesive network. This information comes from Zheng Zhiming.
The Chinese government is conducting extensive research into the opportunities presented by the digital economy, despite the fact that it is still actively enforcing the crackdown on cryptocurrencies. To lessen their reliance on a single kind of high-tech hardware that is imported from the United States, Chinese companies are researching different ways to develop artificial intelligence through the use of less powerful semiconductors and chip combinations.
Additionally, China is making progress with the project to create a central bank digital currency (CBDC). In April, the government made the announcement that it would broaden the applications for the digital yuan in order to support its Belt and Road Initiative and international commerce.
Compiled by Coinbold