China is set to establish the National Blockchain Technology Innovation Centre in Beijing, according to reports.
The center, which has received approval from the country’s Ministry of Science and Technology, will focus on research and development of blockchain technology.
It will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), a research institution backed by the Beijing government and one of the developers of Chang’an Chain (ChainMaker) – China’s first domestically developed open-source blockchain platform.
The new centre will focus on the research and industrialization of blockchain technology, including the development of fundamental theories, hardware and software, and construction of blockchain platforms. However, no further details were provided on the centre’s budget, staffing, or opening date.
In February, BABEC announced the development of the “Hive” computer cluster based on Chang’an Chain, which it claims can process over 240 million smart contract transactions per second.
This highlights China’s continued investment in blockchain technology, despite a ban on cryptocurrencies. In January, the Beijing government launched the 2.0 version of its data directory, which is based on Chang’an Chain and collects information from over 80 government departments in the city.
According to the Blockchain Whitepaper (2022) published by the China Academy of Information and Communications Technology (CAICT), China has over 1,400 blockchain-related companies, accounting for over 20% of the world total, with at least 29 cities and provinces incorporating blockchain into their five-year plans for 2021–2025.
This new centre further cements China’s commitment to the development and advancement of blockchain technology.