China to launch national blockchain research center in Beijing - PingWest

China to launch national blockchain research center in Beijing

China to launch national blockchain research center in Beijing

February 10, 2023 6:35 pm

Despite its ongoing crackdown on crypto, the Chinese government is setting up a research center aim at accelerating the application and development of blockchain technology across the country’s economy.

The National Blockchain Technology Innovation Centre, which will be based in Beijing, will focus on the development of g fundamental theory, software and hardware tied to blockchain technology.

The Beijing Academy of Blockchain and Edge Computing, the entity behind Chang’an blockchain, will be responsible for the center. Chang’an blockchain has already applied by 50 business corporation, such as the China Construction Bank, China Unicom.

While China bans cryptocurrency exchanges and initial coin offerings, the government supports the application of the underlying technology to the national economy and personal livelihoods. For example, blockchain can help the government to track the shipment of large bulks and commodities.

Alibaba’s fintech affiliate, Ant Group, has teamed up with Chinese state-run shipping giant COSCO Shipping to collaborate on blockchain applications in shipping.

According to the document released by China’s Ministry of Industry and Information Technology in June, 2021, China plans to establish a world’s leading blockchain technology by 2025, blockchain technologies should be applied to the national economy-including supply chain management, product traceability, data sharing, identity documentation, as well as education and health care data management.

China’s state-backed Blockchain Service Network (BSN) has been actively developed domestic and overseas projects. The project includes Spartan Network, a new international network for BSN’s public blockchain without the involvement of cryptocurrencies.

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