The crypto biosphere is new on the horizon as China becomes a blockchain technology pioneer. While the United States fixates on taming the “rogue aspects of the crypto industry” within its borders, China has announced its intentions to launch its National Blockchain innovation hub in Beijing.
China Daily reported that the Chinese authorities established the center to experiment as well as develop technological blockchain innovations while maintaining an embargo on crypto currencies. The Science & Technology ministry of the country approved the center, saying the center will liaise with think tanks, local universities and blockchain enterprises to create a network to discover more abouto core blockchain capabilities. This center will specialize in the fundamental theories of blockchain and blockchain software and hardware, in addition to developing meaningful technologies for industrial applications.
The center will also pay attention to advancing technology that’s applicable in the country’s economy, as well as help cement blockchain as China’s base for digital infrastructure. The discoveries made will build China’s blockchain segment and expand its digitization.
Beijing Academy of Blockchain & Edge Computing (BABEC), known for the development of ChainMaker blockchain, was assigned the task of operating the new tech center, funded by a conglomerate of Chinese state-owned businesses, including China’s Construction Bank and China Unicom.
In February, the BABEC team disclosed the completion of computer cluster “Hive” on the ChainMaker, which enables domestically developed blockchain networks to synthesize 240M transactions every second (TPS). The ChainMaker has been deployed in a number of industries, including tax services, digital ID systems, and state services as well as supply chain financing. The launching of this innovation center underscores China’s desire to develop a blockchain having Chinese characteristics while the country seeks to advance as well as amalgamate blockchain technology outside of crypto, which is deemed a risk to China’s financial biosphere.
China leads in Central Bank Digital Currency development, with its digital yuan now in circulation in 17 of the country’s provinces, serving about 5.6 million merchants. In January, the People’s Bank of China updated information about this project, revealing that it will continue spreading out its pilot program.
In the end, the Chinese central bank will create a system that users could scan with a code and entrepreneurs can support business transactions with minimal costs to their clients. There were close to 200 digital yuan transactions across the country during the Spring Festival when China marked the lunar new year. This translated to more than 180 million e-CNY ($26.6 million).
As more institutional and nation-level players enter the blockchain space, more people are likely to pick interest in existing enterprises such as Stronghold Digital Mining Inc. (NASDAQ: SDIG) as public mistrust of the new technology dissipates.
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