It is stated that China has started work on the National Blockchain Technology Innovation Center, which was first announced in February.
According to the statement, China officially started working in Beijing, the capital of the country, on May 10. The center will collaborate with universities, think tanks and blockchain businesses to develop blockchain technology in China. In addition, the institution aims to train more than 500,000 experts in the field of distributed ledger technology.
China Continues to Explore the Digital Economy
Leading the new center, Beijing Blockchain and Edge Computing Academy has developed the ChainMaker blockchain to serve for developments in the blockchain hub.
ChainMaker is backed by a group of 50 commercial companies, mostly state-owned, including big names like China Construction Bank and China Unicom. The center will accelerate the construction of ultra-large-scale blockchain computing power clusters, local media reported.
Zheng Zhiming, a professor in the Faculty of Mathematics and Systems Sciences at Beihang University, said the center has a mission to connect various blockchain use cases into a single cohesive network.
“Connecting blockchain application platforms and bringing together application ecology will significantly increase blockchain innovation capabilities and core competitiveness,” Zhiming said.
As the pressures on cryptocurrencies continue, the Chinese government continues to actively explore the possibilities of the digital economy. Chinese companies are working on artificial intelligence development methods through combinations of weaker semiconductors and chips to overcome the reliance on a single type of high-tech hardware imported from the US.
The country also continues to develop the central bank’s digital currency. China announced in April that it has expanded the use of the digital yuan to the Belt and Road initiative and cross-border trade.
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