The National Blockchain Technology Innovation Center opens in China

Updated: 14 May 2023

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To assist blockchain technology research, the Chinese government opened the National Blockchain Technology Innovation Center in Beijing. The Chinese government intends to aid the advancement of blockchain technology by establishing this research center, which was first announced in February. However, the nation continues to forbid cryptocurrencies on a national level. The research center will work with regional institutions, think tanks, and blockchain companies, according to kitco.com.

Accelerating the creation of ‘ultra-large scale’ blockchain computing power clusters is one of these initiatives to promote blockchain adoption in China. The center also seeks to construct a national blockchain computing power network made up of province and municipal backbone node networks and industrial application node networks, which will help link the siloed application chains that China has developed in recent years.

To accomplish its objectives, the institute plans to teach more than 500,000 professionals in blockchain and distributed ledger technology (DLT). The Beijing Academy of Blockchain and Edge Computing, which created the ChainMaker, a regional blockchain supported by a group of Chinese companies including China Construction Bank and China Unicom, will operate the center.

Building a blockchain with Chinese features

China’s recent initiatives, according to kitco.com, are consistent with its goal of developing blockchain technologies with Chinese characteristics. Although the nation sees cryptocurrencies as a threat to its financial system, it thinks that blockchain technology must be developed and integrated. In particular, there are over 1,400 blockchain-related businesses in the nation, and at least 29 cities and provinces have adopted blockchain as part of a five-year plan for the years 2021 to 2025.

Regarding the creation of a digital currency issued by a central bank, China’s digital yuan pilot is currently active in 17 provinces, encompassing 26 major cities and more than 5 million merchants. The Bank of China and French bank BNP Paribas have teamed up to push the digital yuan to corporate clients starting in May 2023.

This partnership’s main objective is to make it possible for the corporate clients of BNP Paribas China to connect to the BOC system. By linking their digital yuan wallets to their bank accounts, keeping track of transactions, and making payments with China’s virtual currency via an e-CNY management system, users will be able to manage their digital yuan wallets. The management system also intends to simplify the use of digital money for real-time transactions by customers.

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