China officially launched the National Blockchain Technology Innovation Center in Beijing on May 10. The center, which was initially announced in February, aims to foster the development of blockchain technology in China through collaborations with local universities, think tanks, and blockchain businesses. One of the key objectives of the center is to train over 500,000 specialists in distributed ledger technology (DLT).
Heading the initiative is the Beijing Academy of Blockchain and Edge Computing, the organization behind ChainMaker, a domestic blockchain serving as a blueprint for the center’s advancements. ChainMaker already enjoys support from 50 business corporations, predominantly state-owned enterprises like China Construction Bank and China Unicom. Reports suggest that the center will expedite the establishment of “ultra-large-scale” blockchain computing power clusters.
Zheng Zhiming, a professor at Beihang University’s School of Mathematics and Systems Science, explains that the center’s primary mission is to integrate the various isolated blockchain use cases in China, often referred to as “blockchain islands,” into a unified network. This concerted effort to connect blockchain application platforms and foster a cohesive blockchain application ecosystem will significantly enhance China’s innovation capabilities and core competitiveness.
While the Chinese government maintains strict regulations on cryptocurrencies, it continues to actively explore opportunities within the digital economy. Chinese companies are diligently researching methods to develop artificial intelligence using alternative semiconductor technologies and chip combinations to reduce reliance on high-tech hardware predominantly imported from the United States.
Additionally, China remains committed to advancing its central bank digital currency (CBDC) project. In April, the country expanded the use cases for its digital yuan to include the “Belt and Road” initiative and cross-border trade.
The launch of the National Blockchain Technology Innovation Center reinforces China’s dedication to promoting blockchain technology and nurturing a skilled workforce in the field. By bridging the gap between various blockchain applications and fostering collaboration, China aims to solidify its position as a global leader in blockchain innovation and maintain its competitiveness in the digital economy.