The Chinese government approved a large-scale public research network dedicated entirely to blockchain development and implementation.
The National Blockchain Technology Innovation Center was launched in Beijing. The project was approved by China’s Ministry of Science and Technology, China Daily reported.
The new structure will form the core of a research network, which will include:
- specialized universities;
- analytical centers;
- commercial blockchain companies.
The center will be based at the Beijing Academy of Blockchain and Edge Computing (BABEC). The research, development, and adoption of blockchain technology will be done with the aim of accelerating China’s industrial development and digitalization.
BABEC is known for developing the Chang’an Chain, or the ChainMaker blockchain network. The project’s ecosystem already consists of about 50 business corporations, most of which, such as China Construction Bank or China Unicom, are state-owned. The number of transactions per second (TPS) that ChainMaker can handle is 240 million. By comparison, that figure reached 100,000 TPS in 2021.
China is a potential leader in blockchain development, accounting for 84% of all distributed ledger technology patents in September 2022. However, according to the same data, only 19% of all applications were approved.
Moreover, the Chinese government is actively developing the digital yuan project (CDBC). It has created its own NFT market and is making ambitious plans in the field of Metaverse technologies.
