China has inaugurated the National Blockchain Technology Innovation Center in Beijing to train more than 500,000 professionals in distributed ledger technology (DLT).
Led by the Beijing Academy of Blockchain and Edge Computing, the center will collaborate with local universities, think tanks, and blockchain businesses to advance the technology in China. It has garnered support from 50 corporations, mostly state-owned, including China Construction Bank and China Unicom.
The center’s operational plan focuses on accelerating the development of large-scale blockchain computing power clusters. Their goal is to establish a national blockchain computing power network comprising regional and municipal backbone nodes, as well as industry application nodes. This network will serve as robust infrastructure supporting critical sectors of the national economy, such as cross-border trade, supply chain finance, energy, production safety, and the food industry.
The center will leverage the home-grown ‘ChainMaker blockchain’ as a blueprint for its initiatives. By prioritizing the development of “ultra-large-scale” blockchain computing power clusters, the center aims to enhance blockchain’s innovative capabilities and core competitiveness in the country.
According to Zheng Zhiming, a professor at Beihang University’s School of Mathematics and Systems Science, the National Blockchain Technology Innovation Center will connect various blockchain use cases or “blockchain islands” in China and transform them into a unified network.
Despite China’s recent crackdown on cryptocurrencies, the country is actively exploring opportunities in the digital economy. China has been making progress with its Central Bank Digital Currency (CBDC) initiative. In April 2023, the country expanded the use case for its digital yuan to include Belt and Road initiatives and cross-border trades.
Additionally, Chinese companies are seeking ways to enhance artificial intelligence using less potent semiconductors and a combination of chips, reducing their reliance on a single type of high-tech hardware predominantly imported from the United States.
The launch of the National Blockchain Technology Innovation Center underscores China’s commitment to developing blockchain technology and leveraging it to bolster critical sectors of the national economy. With the backing of state-owned businesses and collaborations with local academic institutions, the center has the potential to become a prominent hub for blockchain research and development in China.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
