China has launched a state-owned research center dedicated to exploring the potential of blockchain and achieving major technological breakthroughs related to this technology.
According to a recent report local Chinese publication South China Morning Post, the country’s Ministry of Science and Technology has approved the construction of the National Blockchain Technology Innovation Center, the task of which is to research blockchain technology for industrial applications, as well as how to use it. to be used in the national economy.
The Beijing-based center will “focus on blockchain’s fundamental theory, software and hardware areas to develop related key technologies and industrial applications,” the report said.
The Beijing Academy of Blockchain and Peripheral Computing (BABEC), the organization best known for developing the Chang’an Chain or ChainMaker blockchain, will lead the research center.
China has been a fan of the new blockchain technology despite its tough stance on cryptocurrencies. In September 2022, the Chinese government stated , that this country accounts for 84% of all blockchain applications filed worldwide. However, the approval rate is low, with only 19% of the total number of applications being approved.
Back in 2021, Chinese President Xi Jinping said blockchain would play “an important role in the next round of technological innovation and industrial transformation.”
Xi Jinping then acknowledged that the application of blockchain technology has been extended to numerous economic sectors, including digital finance, the Internet of Things, smart manufacturing, supply chain management and digital asset trading.
The Ministry of Industry and Information Technology (MIIT) and the Cyberspace Administration of China (CAC), two of the country’s top tech regulators, also said in guidelines published in 2021 that China would seek to widely use blockchain in a number of industries by 2030. .
In September 2021, Chinese regulators shook up the crypto world by imposing a blanket ban on cryptocurrencies and businesses providing related services. This ban comes just months after the country announced a ban on cryptocurrency mining.
The use of blockchain is growing
Over the past few years, blockchain usage has skyrocketed among various organizations and countries, as the technology provides an affordable and efficient way to make and receive payments, store data, and build credit history.
As reported last month, the California Department of Motor Vehicles announced plans to use blockchain technology to maintain records, including issuing vehicle titles and making it easier to transfer such ownership.
In a report published earlier this year, the World Economic Forum (WEF) also said it believes blockchain technology will continue to be an “integral” part of the modern economy. The organization highlighted the widespread use of cryptography and blockchain technologies, adding that their use in the financial services sector is already visible.
“Indeed, to test the sustainability of digital assets and blockchains that underpin financial services (and other areas of the global economy), watch what the big banks and mature financial services companies do, not what they say” .
