The National Blockchain Technology Innovation Centre in Beijing started operations on May 10 after being in the works since its announcement in February.
Chinese involvement in cryptocurrencies and blockchain technology is expanding, which has recently generated some buzz. To strengthen its position even further, China launched a national blockchain research center, which started operating on Wednesday.
This center’s noteworthy goal is to develop a sizable workforce by teaching blockchain technology to at least 500,000 qualified workers. These skilled workers will support and expand the Web 3.0 sector in China, opening the door for important advancements and breakthroughs.
To promote the development of blockchain technology in China, the center seeks to establish partnerships with academic institutions, think tanks, and blockchain companies nationally.
Due to the existing blockchain technology’s isolation, the digital economy in the nation is growing at a modest rate. It takes a lot of time for industries to incorporate the features and operations of different businesses as a consequence, which causes inefficiencies.
Building a more integrated and interconnected blockchain infrastructure that can enable smooth transactions and interactions between many businesses is crucial for overcoming this obstacle. This will boost the overall growth of the nation’s digital economy as well as the effectiveness of company operations.
The center’s operations are led by the Beijing Academy of Blockchain and Edge Computing, a research facility funded by the Beijing government and a significant contributor to Chang’an Chain, China’s first open-source blockchain platform. And ChainMaker, a blockchain developed by this institution, will serve as a template for further developments within the center.
ChainMaker is already supported by fifty organizations, many of them massive state-owned corporations like China Construction Bank and China Unicom. The establishment of “ultra-large-scale” blockchain processing power clusters will be accelerated, according to the local press.
According to Zheng Zhiming, a professor at Beihang University’s School of Mathematics and Systems Science, the center aims to unite the several separate blockchain applications (also known as “blockchain islands”) that are now in use throughout China.
Despite its continuous campaign against cryptocurrencies, the Chinese government is nevertheless looking at the possibilities of the digital economy. Chinese enterprises are looking into ways to produce artificial intelligence using weaker semiconductors and combinations of chips to lessen their reliance on a single type of high-tech gear that is primarily imported from the United States.
Blockchain was emphasized as one of the key topics propelling China’s digital economy in the State Council’s 14th five-year plan, which was published in December 2021. The aggressive pursuit of blockchain innovation and China’s dedication to using this game-changing technology are highlighted by this.
Progress is also being made on the central bank’s project to establish a digital currency. In April, it said that the digital yuan would be accepted for its “Belt and Road” strategy and overseas trade.