China establishes blockchain center to train 500,000
[gpt3]rewrite
China recently inaugurated its national blockchain center in Beijing, and this newly established national research center aims to play a central role in the development of the country’s Web 3 industry. The research center has already set itself the goal of training at least 500,000 skilled professionals.
It will reportedly promote partnerships with local universities, think tanks and blockchain companies to drive the advancement of technology in the country. The research center has been supported by the Ministry of Science and Technology to promote the industrialization of the blockchain industry.
Furthermore, the goal behind the launch of the research center is to ensure that there is a comprehensive national-level network in place that will successfully connect the existing blockchain systems in China while providing support to various industries.
Related Reading: Bitcoin Short-Term Holders’ Cost Basis Rises to $25,300, What Does It Mean?
A well-known academic from the Chinese Academy of Sciences, Zheng Zhiming, said that the existing blockchains in China operate in isolation from each other, which hinders the growth of the digital industry. As such, a cohesive blockchain ecosystem would address this limitation as it would encompass a wider scope.
China’s blockchain sector thrives despite crypto trading ban
The center is under the leadership of the Beijing Academy of Blockchain and Edge Computing, a prominent research institution. The Beijing Academy of Blockchain and Edge Computing has been responsible for the development of the ChainMaker blockchain.
This homegrown technology serves as a basic model for the center’s initiatives. In particular, ChainMaker has received support from 50 business companies, mainly state-owned entities.
Famous names such as China Construction Bank and China Unicom are among the prominent backers. In February, the Beijing government introduced an upgraded version, referred to as 2.0, of the data directory system.
This system operates on ChainMaker and the main purpose of this upgrade is to establish a comprehensive and secure platform for collecting and storing data from more than 80 public departments in the capital.
In the face of China’s ban on cryptocurrency trading, the country maintains a strong belief in the potential of blockchain technology for various industries and public administration.
Demonstrating this commitment, the State Council outlined blockchain as one of the seven key sectors helping the development of China’s digital economy, as outlined in its 14th Five-Year Plan published in December 2021.
Moreover, Chinese companies are actively exploring innovative approaches to developing artificial intelligence by leveraging less powerful semiconductors and combining different chip technologies. This strategic initiative aims to reduce dependence on a single type of high-tech hardware, mainly imported from the United States.
In parallel, China is making significant progress in its central bank digital currency (CBDC) project. In April, the country announced the expansion of the digital yuan’s applications to include its ambitious “Belt and Road” initiative that will facilitate cross-border trade.
Featured image by UnSplash, chart from TradingView.com
[gpt3]
