Blockchain
China’s Ministry of Science and Technology has given the go-ahead to set up the National Blockchain Technology Innovation Centre in Beijing to run blockchain research and development, according to a local media report.
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Fast facts
- The center will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), a research institution backed by the Beijing government and one of the developers of Chang’an Chain (ChainMaker) – China’s first domestically developed open-source blockchain platform.
- The new center will handle research and industrialization of blockchain technology, including fundamental theories, hardware and software development, and construction of blockchain platforms, according to the report.
- No details were provided on when the center will open, its budget or staffing.
- In early February, BABEC announced the development of the “Hive” computer cluster based on Chang’an Chain, which it said is capable of processing over 240 million smart contract transactions per second.
- Despite a ban on cryptocurrencies, China sees blockchain as a critical part of its digital infrastructure. In January, the government of Beijing launched the 2.0 version of its data directory based on Chang’an Chain, an application that collects information from over 80 government departments in Beijing on chain.
- According to the Blockchain Whitepaper (2022) published by China Academy of Information and Communications Technology (CAICT) in December 2022, China had over 1,400 blockchain-related companies, accounting for more than 20% of the world total, with at least 29 cities and provinces writing blockchain into their five-year plan for 2021-2025.
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