China eyes industrialization of blockchain technology with new research hub in Beijing
China is moving forward with plans to increase the use of blockchain technology, even as the blanket ban on virtual currencies continues in the country.
Local news agency China Daily reports that the country’s Ministry of Science and Technology (MSTC) has approved plans to build a blockchain institute in the capital Beijing. The institute, called the National Blockchain Technology Innovation Center, will promote the use of distributed ledgers while focusing on their development and industrialization.
The innovation center will be run by the Beijing Academy of Blockchain and Edge Computing (BABEC), a government-backed research institute with a wealth of experience in distributed ledgers. BABEC was part of the team that developed China’s first locally designed blockchain platform ChainMaker, which recently announced the launch of a computer cluster to process millions of smart contract transactions per second.
The Blockchain Institute will work with institutions of higher learning in Mainland China to deepen the talent pool in the country for businesses involved in the ecosystem. MSTC has confirmed that the creation of original technological achievements is a core goal of the institute.
“The institute will make every effort to overcome key core technologies in the blockchain field, accelerate industrialization, cultivate high-level talents and build a national blockchain strategic technology force,” said a ministry official.
It is unclear when the research institute will be launched to the public, and details about staffing and operations are still sparse.
“With the start of construction work, the national blockchain innovation center will focus on the basic theory of blockchain, key software and hardware technologies, basic platforms and verification networks, and common platforms and services,” the official said.
China’s rapidly developing blockchain space
Contrary to popular belief, China’s virtual currency ban in 2021 has done little to dampen the enthusiasm of the general population towards blockchain. Recent research revealed that China had over 1,400 blockchain firms within its borders, making it a leader in the field.
Meanwhile, the Non-Fungible Tokens (NFTs) and metaverse have grown by leaps and bounds since the ban, with Chinese courts granting ownership rights to digital collectibles. Institutions of higher learning are beginning to offer blockchain-related courses, with one university going so far as to rename a department after the metaverse.
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