On May 10, the National Blockchain Technology Innovation Center launched in Beijing to develop blockchain implementation in China. It will collaborate with local universities, think tanks, and blockchain businesses and train over 500,000 DLT specialists. China continues to explore the possibilities of the digital economy through this center’s development.
The Center is being led by the Beijing Academy of Blockchain and Edge Computing, and it will use the ChainMaker blockchain, developed by the Academy, as the blueprint for its developments. A group of 50 business corporations, mostly state-owned, including China Construction Bank and China Unicom, already support ChainMaker. Local media reports that the Center will accelerate the construction of “ultra-large-scale” blockchain computing power clusters.
According to Zheng Zhiming, a professor at the School of Mathematics and Systems Science at Beihang University, states that the Center’s mission is to connect various blockchain use cases in the country, known as “blockchain islands,” into a single cohesive network.
The Chinese government, while still enforcing the crackdown on cryptocurrencies, is actively researching the possibilities that the digital economy offers. Chinese companies are studying methods for developing AI through weaker semiconductors and chip combinations to bypass reliance on a single type of high-tech hardware that is imported from the United States.
China is also advancing with its central bank digital Currency (CBDC) project. In April, the government announced that it would expand the use cases for the digital yuan to support its Belt and Road Initiative and cross-border trades.
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