New Chinese Blockchain Pivot as Beijing Vows to Train 500,000 'Experts'

New Chinese Blockchain Pivot as Beijing Vows to Train 500,000 ‘Experts’

Updated: 18 May 2023

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China is making significant preparations for another major push in blockchain technology, reaffirming its commitment to the sector.

According to their announcement, the ministry has unveiled plans to launch a “national” blockchain network solution, which will connect existing blockchain protocols and provide support for other industries. Professor Zheng Zhi Ming of the Chinese Academy of Sciences and the Beijing University of Aeronautics and Astronautics argued that the issue of “blockchain islands” needs to be addressed by the center.

Zheng explained that these “islands” have emerged because various companies and sectors have constructed their closed-chain blockchain networks over the past few years. In nationwide crackdowns conducted in 2017 and 2021, China banned most crypto-related activity. Consequently, developers cannot work on decentralized public networks such as Ethereum.

However, Zheng believes establishing the National Blockchain Technology Center will address these challenges. By enhancing China’s innovation capabilities and core competitiveness, this initiative aims to position China at the forefront of global digital economy development.

China Establishes Center to Train 500,000 Blockchain Professionals

The center has been tasked with training “500,000 blockchain professionals” to bolster the industry. Chinese President Xi Jinping promised to train and cultivate many experts to contribute to the blockchain sector.

Since Xi Jinping identified blockchain as a growth sector in 2018, salaries within the Chinese blockchain field have experienced a significant increase. However, blockchain’s enthusiasm in the country has waned in recent years.

Furthermore, the center has been mandated to ensure blockchain technology plays a central role in the Chinese digital economy. It has been established with the Ministry of Science and Technology and has been directed to collaborate with universities and research institutes nationwide. Additionally, IT companies will be requested to work with the center.

Blockchain professionals are increasingly focusing on private networks, which has resulted in Chinese businesses being excluded from the crypto and non-fungible token (NFT) sectors. This exclusion is attributed to an uneven underlying technology network and a fragmented technology ecology characterized by diverse blockchain applications.