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In a significant stride toward blockchain technology advancement, the National Blockchain Technology Innovation Center, announced earlier this year by the Chinese government, has officially commenced operations in Beijing on May 10th.
The National Blockchain Technology Innovation Center in China, initially announced back in February, has officially commenced operations in Beijing on May 10th.
This center is a significant step forward for China in the field of blockchain technology, with a collaborative approach involving local universities, think tanks, and blockchain-oriented businesses.
In the driver’s seat of this new center is the Beijing Academy of Blockchain and Edge Computing, known for developing the ChainMaker blockchain.
The home-grown blockchain technology serves as a model for the center’s future projects and already has the backing of 50 major corporations, most of which are state-owned, including powerhouses like China Construction Bank and China Unicom.
According to sources, the center plans to accelerate the construction of “ultra-large-scale” blockchain computing power clusters. As per Zheng Zhiming, a professor at Beihang University, the center aims to integrate various blockchain applications, called “blockchain islands”, into a unified, cohesive network.
He opines that such consolidation will significantly enhance blockchain innovation capabilities and core competitiveness.
Notably, despite its stern stance on cryptocurrencies, the Chinese government continues to explore the digital economy’s potential.
Chinese companies are said to be investigating alternative methods to develop artificial intelligence, which may involve using different semiconductors and chip combinations, thereby reducing reliance on imported high-tech hardware.
In parallel, China is making headway with its central bank digital currency project.
Last April, plans were announced to extend the usage of the digital yuan to the “Belt and Road” initiative and cross-border trades, reflecting China’s determined efforts in the evolving landscape of blockchain and digital currency.