China has launched National Blockchain Center in Beijing. It is a research center directed toward Web3 industry development and progress. The research center has set a goal of training around 500,000 blockchain professionals.
To this end, China has decided to partner with local universities, blockchain entities, and experts in the field to join the cause. Ministry of Science is backing the new institution. The establishment is part of their plan to commercialize the blockchain sector.
Meanwhile, China has also plans to conduct networking on a national scale that allows various blockchain ecosystems to connect in China while offering support to various industries. Zheng Zhiming is a renowned researcher hailing from the Academy of Sciences.
He recently told the media that at present blockchain ecosystems in China are operating in an isolated environment. Their current status has limited the growth potential of the blockchain sector in China. Therefore, there is an increasing need for adjoined blockchain ecosystems.
Beijing Academy of Blockchain and Edge Computing are heading the development of the National Blockchain Center. It is worth noting that Beijing and Edge academies are attributed to developing the ChainMaker blockchain ecosystem.
The localized crypto project has played an important role in laying down the foundational work for the new research institute. ChainMaker has been adopted by 50 commercial entities. Most of these firms are owned by the state.
Some of the noteworthy enterprises that have backed ChainMaker include China Unicom and the Construction Bank of China. Notably, Beijing released an updated version 2.0 of its data directory system in February this year. The new version was hosted on ChainMaker and ensured secure storage for data from more than 80 states within the capital city of China.
In this manner, the blockchain sector has continued to thrive as part of the state administrative network despite the exodus imposed in China. China has disbanded blockchain projects however the nation has continued to work on developing innovative use cases and unique attributes of the blockchain technology in both private and public sectors.
The State Council of China Plans to Blockchain for Economic Development
The State Council of China is chaired by the Prime Minister and seats the top ministers in the country. The State Council has identified the DLT or distributed ledger technology as among the key technologies that can contribute to economic development.
To this end, blockchain has been ranked among the top 7 sectors for its potential of contributing to the 5-year plan outlining digital economy development. For context, it is important to mention that the Council published the 14th version of the digital economic headway plan in December 2021.
Keeping in line with the directive of the state, the local business community of China has undertaken to work on the latest tech innovations such as A.I. Chinese innovators have gotten a boost in the competitive sector by leveraging the power of state-of-art semiconductors and working with assorted combos of various chip designs.
In this way, the tech companies in the region are offsetting their dependence on one particular type of technology or hardware. It entails exploring a multitude of variable technologies that lessen the dependency of the region on tech exports of the USA.
CBDCs are another blockchain product China has mastered and the country has also added digital Yuan as part of its Belt and Road initiative for cross-border trading.