Chinese Government Sets Sights on Blockchain Future with New Center – Here's What You Need to Know
China has launched a state-backed research center dedicated to exploring blockchain’s potential and achieving core technological breakthroughs related to the technology.
According to a recent report from the local Chinese outlet South China Morning Post, the country's Ministry of Science and Technology has approved the construction of the National Blockchain Technology Innovation Centre, which is tasked with researching blockchain technology for industrial applications as well as how it could be applied in the national economy.
Based in Beijing, the center "will focus on areas of blockchain regarding fundamental theory, software and hardware, with the aim of developing related key technologies and industrial applications," the report said.
The Beijing Academy of Blockchain and Edge Computing (BABEC), an entity popular for developing the Chang’an Chain or ChainMaker blockchain, will lead the research center.
China has been a supporter of the nascent blockchain technology despite its harsh stance toward cryptocurrencies. In September 2022, the Chinese government claimed that the country accounts for 84% of all blockchain applications filed worldwide. However, the approval rate is low, with only 19% of the total filed applications getting 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.”
At the time, Xi acknowledged that the application of blockchain technology has been extended to multiple sectors of the economy, 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
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