China Launching a Blockchain Research Institute
The Asian country China has launched the National Blockchain Technology Innovation Center (NBTIC) in its capital Beijing. A report issued by a Chinese news site on February 10 revealed the research center aims to revolutionize the country’s blockchain sector. The center will assist university students, policymakers, and entrepreneurs in exploring the blockchain ecosystem.
China Invest Blockchain Technology
Despite the 2021 crypto ban in China, the government has invested in establishing a blockchain research hub. The Chinese Ministry of Science and Technology approved the new blockchain institute aiming at equipping the tech-savvy population with blockchain fundamentals and principles.
Additionally, the blockchain institution is equipped with learning resources to inspire the researcher to develop innovative blockchain technologies for industrial purposes.
The center will integrate blockchain technologies with existing digital systems to improve the Chinese economy and the community’s well-being.
According to the report, creative and innovative ideas generated by blockchain enthusiasts would be implemented to improve Chinese innovations and infrastructure.
In addition, the authority has tasked the creators of ChainMakers Blockchain Beijing Academy of Blockchain and Edge Computing (BABEC) to oversee the operation of the new institution.
Why is China Interested in Blockchain Technology?
During the development of ChainMaker Blockchain, BABEC collaborated with private and public institutions in China, including the popular China Unicom.
ChainMaker portrays positive signs after being backed by more than 1000 servers to improve the speed and reliability of transactions. At the beginning of this month, BABEC integrated Hive development on the ChainMaker platform that facilitated more than 240M exchanges in less than a minute.
The exclusive features of ChainMaker have inspired most governmental and institutional investors to implement the technology. Such include the procurement sector, taxing systems, and government digital identity devices.
Benefits of Blockchain Technology
BABEC efforts have increased China’s global competitiveness in the blockchain industry. At the moment, BABEC has established a geographic presence in 15 countries.
Besides China’s being among the anti-crypto countries, the government remains optimistic in the future of blockchain technologies.
In early January, the authority invested in developing a 2.0 version for data collection centered on the ChainMaker platform. The development enabled the authority to monitor data gathered from 80 public entities and around 16 special economic zones (SEZ) within China.
A recent study by the China Academy of Information and Communications Technology (CAICT) unveiled that the country has more than 1400 blockchain operators. CAICT disclosed that most authorities in 29 towns in China have integrated blockchain in their 2021 to 2025 development goals.
Delays in Chinese Crypto Adoption
Nonetheless, China has invested in developing central bank digital currency (CBDC), and preliminary pilot test phases have been conducted in more than 17 provinces.
The central bank revealed in January to expect more pilot testing this year for the digital yuan. The multiple testing would enable the regulators to control the consumer cost by integrating unique elements such as code scanning.
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