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On May 10, the National Blockchain Technology Innovation Center, initially announced in February, officially commenced operations in Beijing, the capital of China. The center will partner with local universities, think tanks, and blockchain enterprises to advance blockchain technology within the country. It is expected that the institution will train over 500,000 professionals in distributed ledger technology (DLT).
At the helm of the new center is the Beijing Academy of Blockchain and Edge Computing, which created the ChainMaker blockchain; a domestically developed blockchain that serves as a model for the center’s initiatives. ChainMaker is already backed by a consortium of 50 corporate entities, the majority of which are state-owned, including prominent organizations such as China Construction Bank and China Unicom. According to local media reports, the center will expedite the development of “ultra-large-scale” blockchain computing power clusters.
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As stated by Zheng Zhiming, a professor at the School of Mathematics and Systems Science at Beihang University, the center aims to link various blockchain applications across the nation — referred to as “blockchain islands” — into a unified network:
“Connecting blockchain application platforms and aggregating blockchain application ecology will significantly enhance blockchain innovation capabilities and core competitiveness.“
Despite the ongoing crackdown on cryptocurrencies, the Chinese government remains actively engaged in exploring the opportunities presented by the digital economy. Chinese firms are investigating ways to develop AI using less powerful semiconductors and chip combinations to reduce dependence on a single type of advanced hardware predominantly imported from the United States.
The nation is also progressing with its central bank digital currency (CBDC) initiative. In April, it announced an expansion of the use cases for the digital yuan in relation to its Belt and Road Initiative and cross-border transactions.
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