Chinese research center aims to promote the blockchain and web3 sectors

Chinese research center aims to promote the blockchain and web3 sectors

Chinese research center promotes blockchain innovation and cross-chain development, as digital asset companies seek opportunities in Hong Kong

A new research center in Beijing, backed by China’s Ministry of Science and Technology, is set to collaborate with academic institutions, technology companies and other research organizations to advance the country’s blockchain and Web3 sectors.

Focus on Blockchain Beyond Digital Assets

Blockchain technology is often associated with digital assets, but China has implemented tight regulations on cryptocurrencies and banned crypto trading in 2021. The emphasis of this initiative is to promote blockchain technology separate from its applications in the cryptocurrency sphere.

The South China Morning Post reports that the research center, along with nurturing budding blockchain experts, intends to create a nationwide blockchain network. This network will connect existing Chinese blockchains, promoting cross-chain development.

ChainMaker, also known as Chang’An Chain, serves as an example of a Chinese blockchain. Developed by the Beijing Academy of Blockchain and Edge Computing, this open source platform is supported by a government-backed research institute that will play a key role in the new research facility.

Various organizations, including State Grid, are exploring the potential of the Chang’An chain, with plans to use it to record carbon life cycle data on the chain. In addition, Xiaotong Medical Chain, built using ChainMaker, aims to establish reliable data connections in the healthcare sector. The platform will enable medical institutions, government agencies and insurance providers to exchange information through a secure, verifiable and encrypted channel.

Chinese digital asset companies find shelter in Hong Kong

As the Chinese government focuses on alternative blockchain applications, China’s digital asset firms have sought ways to circumvent the country’s ban on cryptocurrencies. Despite the challenges of enforcing a complete ban on crypto trading, demand among the Chinese population remains robust.

A successful approach for some businesses has been to relocate operations from mainland China to Hong Kong. In contrast to Beijing’s restrictive policies, Hong Kong has fostered a welcoming environment for cryptocurrency businesses, attracting many large crypto firms to set up offices in the city.

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