Unleashing Blockchain Power: China’s New Innovation Center Takes Charge in Beijing

Beijing’s Blockchain Breakthrough

On May 10, Beijing unveiled its National Blockchain Technology Innovation Center, a move akin to opening the wizard’s vault of DLT resources right in the heart of China’s capital. This center, which was initially announced back in February, is ready to dive headfirst into the world of blockchain technology.

Creating a Collaborative Ecosystem

The innovation center is not going solo; it plans to form a dream team that includes local universities, think tanks, and blockchain enterprises. This effort aims to cultivate and elevate blockchain technology across China while training a staggering 500,000 specialists in distributed ledger technology. Imagine this: a massive wave of DLT-savvy pros hitting the job market, ready to change the face of technology!

In Charge: The ChainMaker Team

Leading this ambitious project is the Beijing Academy of Blockchain and Edge Computing, the proud parent of the ChainMaker blockchain. This homegrown initiative isn’t just a cute name; it’s designed to be the foundational blueprint for the center’s endeavors. With the backing of a robust coalition of over 50 state-owned enterprises, including heavyweights like China Construction Bank and China Unicom, it’s clear there’s serious muscle behind this operation.

Building the Future: Blockchain Clusters

One of the center’s key goals is to construct what they refer to as “ultra-large-scale” blockchain computing power clusters. Think of it as building a tech fortress that could rival the great walls of China when it comes to DLT capabilities!

Connecting Blockchain Islands

The mission, according to Professor Zheng Zhiming from Beihang University, is to unite the various isolated blockchain applications across the nation—referred to as “blockchain islands”—into one cohesive, robust network. Zheng emphasizes the importance of integrating application platforms to bolster innovation and competitiveness. As he puts it:

“Connecting blockchain application platforms and aggregating blockchain application ecology will significantly enhance blockchain innovation capabilities and core competitiveness.”

Government Stance: A Balancing Act

While the crackdown on cryptocurrencies remains in full force, the Chinese government isn’t backing down from exploring the digital economy’s potential. Companies are on a mission to harness artificial intelligence, specifically innovating around weaker semiconductors and chip combinations to reduce dependency on U.S. high-tech hardware imports. Progress is also being made on the country’s central bank digital currency project, with new use cases for the digital yuan extending to the “Belt and Road” initiative and international trades.