On May 10, the National Blockchain Technology Innovation Centre, first announced in February, has officially commenced its operations in Beijing. This Centre aims to collaborate with local universities, think tanks, and blockchain businesses to advance blockchain implementation in China. Interestingly, the institution plans to train over 500,000 specialists in distributed ledger technology (DLT). The Beijing Academy of Blockchain and Edge Computing is leading the Centre’s efforts, with its ChainMaker blockchain serving as the blueprint for their developments.
ChainMaker is garnering support from a group of 50 business corporations, including several state-owned enterprises such as China Construction Bank and China Unicom. The Centre intends to accelerate the construction of “ultra-large-scale” blockchain computing power clusters, which can potentially boost innovation and competitiveness within the industry.
According to Zheng Zhiming, a professor at the School of Mathematics and Systems Science at Beihang University, the Centre’s mission aims to connect various blockchain use cases within the country, often referred to as “blockchain islands”, to form a cohesive network. This can significantly enhance the nation’s blockchain innovation capabilities and core competitiveness.
Despite the government’s ongoing crackdown on cryptocurrencies, China continues to actively research the possibilities offered by the digital economy. Chinese companies are exploring methods to develop AI via weaker semiconductors and combinations of chips to reduce reliance on a single type of high-tech hardware, most of which is imported from the United States.
Moreover, China is also making progress with its central bank digital currency (CBDC) project. In April, the country announced its plans to expand the use cases for digital yuan to support its Belt and Road Initiative and cross-border trades. This move showcases that China is keen on exploring untapped potential in the digital economy, even as it maintains a strict stance against cryptocurrencies like BTC.
Although China’s persistent efforts to establish itself as a blockchain leader may lead to numerous advancements within the industry, potential risks could arise from centralizing control over such technology. As more companies and state-owned enterprises support these initiatives, the challenge lies in striking a balance between fostering innovation and ensuring the technology’s decentralized nature remains unaltered.
In conclusion, China’s establishment of the National Blockchain Technology Innovation Centre and its ongoing support for DLT and CBDC projects signify its intentions to remain at the forefront of the global digital economy. However, as the nation navigates the complex landscape of integrating emerging technologies while maintaining control, it remains crucial to address potential risks and ensure innovations are not stifled by centralized power structures.
Source: Cointelegraph
