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- More than 500,000 experts in distributed ledger technology will be trained at the center.
- The new center is overseen by the Beijing Academy of Blockchain and Edge Computing.
The National Blockchain Technology Innovation Center in Beijing, which has been under development since its announcement in February, commenced operations on May 10.
The center aims to promote blockchain technology within China. It will collaborate with Chinese educational institutions, think tanks, and blockchain enterprises. It is reported that over half a million distributed ledger technology (DLT) specialists will be trained at this facility.
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The Beijing Academy of Blockchain and Edge Computing is responsible for the new center. This academy’s proprietary blockchain, ChainMaker, will act as a prototype for future advancements at the center.
Currently, there are fifty companies supporting ChainMaker, including numerous state-owned giants such as China Construction Bank and China Unicom. Local media have reported that the center will accelerate the creation of “ultra-large-scale” blockchain processing power clusters.
The center’s objective, as articulated by Beihang University professor Zheng Zhiming from the School of Mathematics and Systems Science, is to unify the various applications of blockchain technology currently utilized across China (the “blockchain islands”) into a cohesive system.
Despite the ongoing crackdown on cryptocurrencies, the Chinese government continues to explore the possibilities of the digital economy. To lessen reliance on a specific type of high-tech hardware predominantly sourced from the United States, Chinese companies are seeking methods to develop artificial intelligence using less powerful semiconductors and chip combinations.
Progress is also being made on the central bank’s initiative to establish a digital currency. In April, it was announced that the digital yuan would be utilized for its “Belt and Road” initiative and international transactions.
