China To Launch New Research Center In Beijing To Embrace Blockchain Technology

Key Points:

• The National Blockchain Technology Innovation Center in China was recently approved for creation by the Ministry of Science and Technology.
• In an effort to make blockchain a key component of China’s digital infrastructure, the center will concentrate on significant use cases connected to the economy and people’s way of life.
• The Beijing Academy of Blockchain and Edge Computing oversees the new organization.

The South China Morning Post announced on Thursday that the National Blockchain Technology Innovation Centre in China had received approval from the Ministry of Science and Technology.

The primary goals of the research hub are to investigate technologies for industrial uses as well as potential national economic applications.

The new center will also work with domestic Chinese universities, research institutions, and companies.

The Beijing Academy of Blockchain and Edge Computing, a company best known for creating the Chang’an Chain or ChainMaker blockchain, is in charge of the new school.

An ecosystem of 50 corporate entities, most of which are state-owned, already supports this blockchain. The ChainMaker is capable of 240 million transactions per second (TPS) as of the time of writing.

The announcement was made despite China’s decision to officially reinstate its 2017 ban on cryptocurrency trading in September 2021. Some of the biggest Chinese companies are still making great progress when it comes to developing blockchain-based goods, despite the stringent restrictions placed on private individuals.

Despite having outlawed the usage of cryptocurrencies, the action reveals the government’s excitement for the technology. The most recent five-year strategic plan for China included the first mention of blockchain in 2021 and predicted that it would be crucial to the development of the nation’s digital economy.

In recent years, China has vigorously promoted itself as a blockchain nation. According to its government, China accounts for 84% of all blockchain applications submitted globally as of September 2022. The acceptance rate is low, with only 19% of all submitted applications being granted, even though the actual figures may not change significantly.

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Harold

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