On May 10, the National Blockchain Technology Innovation Center, first announced in February, officially started its work in the Chinese capital city of Beijing. The center will collaborate with local universities, think tanks, and blockchain businesses to develop blockchain technology in China. The institution will reportedly train more than 500,000 specialists in distributed ledger technology (DLT). The Beijing Academy of Blockchain and Edge Computing, known for its ChainMaker blockchain, is spearheading the National Blockchain Center. Backed by 50 business corporations, including China Construction Bank and China Unicom, the center will leverage ChainMaker as a blueprint. The center will focus on developing “ultra-large-scale” blockchain computing power clusters.
Research Aims to Reduce Dependence on US-Imported Hardware
Zheng Zhiming, a professor at Beihang University, stated that the National Blockchain Technology Innovation Center aims to connect various blockchain use cases in China, known as “blockchain islands,” into a unified network. The center aims to enhance blockchain innovation and competitiveness by connecting application platforms and fostering an ecosystem.
Despite the ongoing crackdown on cryptocurrencies, the Chinese government remains engaged in researching the potential of the digital economy. Chinese companies are exploring approaches to develop artificial intelligence using alternative semiconductors and chip combinations. It is to aim to reduce dependence on a single type of high-tech hardware primarily imported from the United States. This research aligns with China’s efforts to enhance technological self-sufficiency and reduce reliance on foreign technology.
Aims to Strengthen Influence in Blockchain Activities
In addition, China is making significant progress with its central bank digital currency (CBDC) project. In April, the digital yuan’s use cases expanded to include the “Belt and Road” initiative and cross-border trades. This move demonstrates China’s ambition to leverage its CBDC for international transactions and strengthen its influence in global financial activities.
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