The National Blockchain Technology Innovation Center, which was initially announced in February, commenced its operations in Beijing, China, on May 10. The center aims to work in conjunction with local universities, think tanks and blockchain enterprises to advance the development of blockchain technology in China. It has been reported that the institution will provide training to over 500,000 experts in distributed ledger technology (DLT).
The Beijing Academy of Blockchain and Edge Computing, the developer of the ChainMaker blockchain, is at the helm of the new center. ChainMaker, a domestic blockchain that serves as a blueprint for the center’s advancements, is already backed by a consortium of 50 business entities, predominantly state-owned, with notable names such as China Construction Bank and China Unicom. According to local sources, the center will expedite the creation of “ultra-large-scale” blockchain computing power clusters.
As per Zheng Zhiming, a faculty member at the School of Mathematics and Systems Science of Beihang University, the objective of the center is to integrate disparate blockchain use cases in the nation, commonly referred to as “blockchain islands,” into a unified and interconnected network.
“Connecting blockchain application platforms and aggregating blockchain application ecology will significantly enhance blockchain innovation capabilities and core competitiveness.“
Despite the ongoing restrictions on cryptocurrencies, the Chinese government remains committed to exploring the potential of the digital economy. Chinese enterprises are currently investigating methods to create artificial intelligence by utilizing less powerful semiconductors and a combination of chips, in order to reduce their dependence on a single type of sophisticated hardware that is primarily imported from the United States.
Furthermore, the nation is making significant strides in its initiative to develop a central bank digital currency. In April, it disclosed its plan to extend the application of the digital yuan to its “Belt and Road” program, as well as cross-border trade operations.
