Chinese Government Sets Sights on Blockchain Future with New Center – Here’s What You Need to Know

Chinese Government Sets Sights on Blockchain Future with New Center – Here’s What You Need to Know

China has established a state-sponsored research center dedicated to researching blockchain’s potential and generating key technological achievements in the field. 

According to a recent South China Morning Post report, the country’s Ministry of Science and Technology has approved the construction of the National Blockchain Technology Innovation Centre, which is tasked with researching blockchain technology for industrial applications as well as how it could be applied in the national economy. 

The centre, which will be based in Beijing, “will focus on areas of blockchain concerning core theory, software, and hardware, with the goal of creating related essential technologies and industrial applications,” according to the newspaper. 

The research center will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), which is well-known for establishing the Chang’an Chain or ChainMaker blockchain.

Blockchain usage is on the rise

Blockchain usage has increased in recent years across numerous businesses and countries because the technology provides an economical and effective way to send and receive payments, store data, and construct a credit history. 

As previously reported, the California Department of Motor Vehicles said last month that it intends to adopt blockchain technology for record-keeping, including the issuing of car ownership and the simplification of transfers of such ownership. 

The World Economic Forum (WEF) stated earlier this year that it expects blockchain technology to remain an “integral” element of the modern economy. The group emphasised the broad usage of encryption and blockchain technology, noting that their use in the financial services sector is already significant.

“Indeed, observe what the big banks and mature financial services organisations do, not what they say, as a test of the staying strength of digital assets and blockchains at the centre of financial services (and other areas of the global economy).”

Share to Social Media

Recent Articles

Join Our Newsletter