A New Era for Blockchain in China
On May 10, a significant milestone was marked in the world of blockchain as the National Blockchain Technology Innovation Center officially commenced operations in Beijing. This center aims to forge partnerships with local universities, think tanks, and blockchain enterprises to spearhead advancements in blockchain technology across China.
Training a New Generation
One of the standout initiatives of the center is its ambitious goal of training over 500,000 experts in distributed ledger technology (DLT). With such a high demand for skilled professionals, this effort promises to equip a sizable workforce capable of pushing the frontiers of blockchain innovation. Imagine an army of blockchain-savvy graduates ready to tackle the future!
The Backbone of Development
At the forefront of the center’s establishment is the Beijing Academy of Blockchain and Edge Computing, known for its development of ChainMaker—a homegrown blockchain that serves as the backbone of the institution’s operations. This blockchain solution is already backed by an impressive consortium of 50 companies, the majority of which are state-owned, including giants such as China Construction Bank and China Unicom.
Building the Future: Blockchain Power Clusters
In pursuit of creating robust blockchain infrastructures, the center is on a mission to accelerate the construction of ultra-large-scale blockchain computing power clusters. This development could very well transform how businesses harness blockchain technology and elevate China’s position in the global blockchain landscape.
Connecting the Dots: Bridging Blockchain Applications
Professor Zheng Zhiming from Beihang University stresses the center’s goal: to connect various blockchain ‘islands’ into a unified network. He noted,
“Connecting blockchain application platforms and aggregating blockchain application ecology will significantly enhance blockchain innovation capabilities and core competitiveness.”
A Digital Transformation Amidst Regulations
Despite the ongoing crackdown on cryptocurrencies within China, the government is steadfast in exploring the potential of the digital economy. Local enterprises are also hard at work, discovering strategies to advance artificial intelligence while reducing reliance on specific high-tech imports from the U.S. Not to be left behind, China is also moving forward with its central bank digital currency project, recently expanding the use cases for the digital yuan to integrate with its Belt and Road initiative and cross-border transactions.
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