China Announces National Blockchain Center

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  • China has revealed that it’s working on a blockchain center that will provide a venue to train professionals in the technology
  • The institution known as the National Blockchain Technology Innovation Center will be managed by the Beijing Academy of Blockchain and Edge Computing
  • Apart from offering blockchain-focused education, the center will also work to unite blockchain use cases in the country

China has revealed that it’s working to bring a blockchain center announced earlier this year to life and use it as a venue to offer blockchain-focused education. Known as the National Blockchain Technology Innovation Center, it’ll be managed by the Beijing Academy of Blockchain and Edge Computing. Apart from offering education on blockchain technology, the center will also work towards uniting the country’s scattered blockchain use cases. 

500,000 Professionals to be Trained

The center, which has the green light from the country’s Ministry of Science and Technology, started operations on May 10 and targets to collaborate with top learning institutions and industry leaders to train over 500,000 professionals. 

According to Zheng Zhiming, an academician at Beihang University, China’s blockchain space has seen tremendous growth and has given birth to various decentralized networks. Successful blockchain projects in China include the ChainMaker protocol which is mostly backed by state-controlled entities.

Zhiming however noted that the blockchain projects in the country are scattered forming “blockchain islands” that hinder the development of quality projects while also slowing the growth of the sector.

China Embraces Web 3.0?

According to the academician, having coordinated efforts in developing the country’s blockchain space will “enhance blockchain innovation capabilities and core competitiveness.” China also intends to use the center to tap into a variety of blockchain-based economies such as NFTs and Web 3.0.

Despite China banning cryptocurrencies, it has a high appetite for decentralized technology with over 500 blockchain projects registered in the country. The Chinese supreme court even ruled that blockchain-based evidence is admissible in court. The country has also announced a regulated NFT marketplace.

With China continuously embracing blockchain technology, it’s yet to be seen whether it’ll loosen the rope on cryptocurrency-based activities such as Bitcoin mining.