The National Blockchain Technology Innovation Center in Beijing, China will help encourage more blockchain adoption and also speed up the country’s industry through engagement inblockchain technology.
The Center will establish a research network with the local colleges, think tanks, and blockchain firms to carry out investigations into fundamental blockchain technologies, according to a story from the China Daily dated February 8.
The outcomes of this study will be used for the further digitization of China and, as the report emphasizes, its industry in particular.
The Beijing Academy of Blockchain and Edge Computing (BABEC), a company best known for creating the Chang’an Chain or ChainMaker blockchain, is in charge of the new organization.
An ecosystem of 50 commercial firms, most of which are state-owned, such as China Construction Bank or China Unicom, are already supporting this blockchain. As of the time of publication, the ChainMaker can carry out 240 million transactions per second (TPS), up from 100,000 TPS in 2021.
In recent years, China has vigorously promoted itself as a blockchain country. According to its government, China accounts for 84% of all blockchain applications submitted globally as of September 2022. Even if the actual figures may not be all that different, just 19% of the applications that were submitted were granted, a very low acceptance rate.
The central bank digital currency (CBDC) initiative and the blockchain have both become trademarks of the Chinese government. To increase its uptake, e-CNY worth millions of dollars have been distributed all around the nation. The total amount of e-CNY transactions, however, didn’t surpass 100 billion yuan ($14 billion) until October 2022.
A former official of the People’s Bank of China (PBoC) recently asked the nation to examine its tight crypto limitations as part of all the efforts to adopt digital technologies.
A permanent ban on cryptocurrencies, according to the former official, might prevent the formal financial sector from taking advantage of numerous prospects, including those involving blockchain and tokenization.
