The Chinese Government has set its sights on the Blockchain Future with a New Center. Here’s what you need to know.
China has established a state-backed research centre to explore blockchain’s potential, and to achieve core technological breakthroughs in the technology.
A recent survey by a Report According to South China Morning Post, China’s Ministry of Science and Technology approved the creation of the National Blockchain Technology Innovation Centre. This centre is responsible for researching and applying blockchain technology in industrial applications and the national economy.
The center, which is based in Beijing, “will concentrate on areas of Blockchain regarding fundamental theory and software and hardware with the goal of developing key technologies related to these applications,” according to the report.
The research center will be led by the Beijing Academy of Blockchain and Edge Computing, an entity that is well-known for its development of the Chang’an Chain and ChainMaker blockchains.
China, despite its strict stance against cryptocurrencies, has supported the emerging blockchain technology. The Chinese government was established in September 2022. Claim The country is responsible for 84% worldwide blockchain applications. The approval rate is still low with only 19% getting approved from all the applications.
In 2021, Xi Jinping, the Chinese President, stated that blockchain would play an “important role” in the next round in technological innovation and industrial transformation.
Xi also acknowledged at the time that blockchain technology had been applied to many sectors of the economy including smart manufacturing, supply chain management and digital asset trading.
In guidelines published in 2021, the Cyberspace Administration of China and the Ministry of Industry and Information Technology (MIIT), China’s main regulators of the tech industry, stated that China would seek to use blockchain in a wide range of industries by 2030.
The Chinese regulatory authorities imposed a blanket ban in September 2021 on all cryptocurrencies and related businesses. The ban was imposed months after the country had announced its prohibition on cryptocurrency mining.
Blockchain Use is on the Rise
Blockchain usage has increased in popularity over the last few years. The technology offers a cost-effective and efficient way to receive and make payments, store data and create credit histories.
According to reports, California’s Department of Motor Vehicles announced last month that blockchain technology will be used for record-keeping. This includes the issuance of cars and the facilitation of transfers.
The World Economic Forum (WEF), in a report released earlier this year, stated that blockchain technology will remain an integral part of the modern economy. The WEF highlighted the many applications of blockchain technology and cryptography, while pointing out their widespread use in the financial sector.
“Indeed,” Watch what the large banks and mature financial service firms do instead of what they say to test the endurance of digital assets and blockchains at financial services’ core (and other areas) and how well they can be sustained.