China Launches National Blockchain Research Center: Speed Up Industry

• China is launching a new state-supported National Blockchain Technology Innovation Center in Beijing.
• The center will be headed by the Beijing Academy of Blockchain and Edge Computing, which developed the ChainMaker blockchain with 50 business partners.
• China has been actively marketing itself as a blockchain nation and filing applications for blockchain technology worldwide.

China Launches National Blockchain Research Center

China is taking strides to embrace blockchain technology with the launch of its new state-supported National Blockchain Technology Innovation Center in Beijing. The center will create a research network between universities, think tanks, and businesses to explore core blockchain technologies and use them to further digitalize China and expand its industry.

Beijing Academy Of Blockchain And Edge Computing

The center is being headed by the Beijing Academy of Blockchain and Edge Computing which is well known for developing Chang’an Chain or ChainMaker blockchain. This project already boasts an ecosystem of 50 business corporations, many of them owned by the Chinese government. It has also seen improvement in its transaction per second (TPS) capacity from 100,000 TPS in 2021 to 240 million TPS now.

China’s Push For Blockchain Applications Worldwide

In addition to pushing its own industry forward, China has also been actively marketing itself as a “blockchain nation” worldwide; filing applications for using this technology globally. Currently, 84% of all such applications are filed from within the country but only 19% have been approved so far due to various reasons like lack of standardization across industries or privacy & security issues etc.

Central Bank Digital Currency

Along with exploring blockchain research opportunities, China is also working on establishing its own Central Bank Digital Currency (CBDC). Reports suggest that numerous pilot projects have already been established in various cities like Suzhou that aim at providing KPIs (Key Performance Indicators) for e-CNY transactions within these areas.

Conclusion

Overall it can be said that despite having some restrictions on cryptocurrencies within its borders, China continues to make progress when it comes to embracing blockchain tech through initiatives like launching this national research center or developing CBDCs etc.. These measures are expected to benefit not just local businesses but also citizens who wish to utilize these technologies safely and legally inside their country’s borders going forward.