China has announced that the country will build a blockchain innovation center in the City of Beijing. China is embarking on this project despite a recent ban on digital assets across the Asian country. According to the update regarding the project, the government wants different research institutes amongst other participants to work together to further the study of blockchain technology. Aside from research bodies, universities and businesses focused on technology will also be invited to add their input to the project.
The country wants participants in the project
In the report, China stated explicitly that the results gathered by the respective parties involved would be processed towards a complete digitization of the country. Asides from that, the government wants to use this opportunity to develop the blockchain industry.
The document also mentioned that the project would be overseen by the firm that created the ChainMaker blockchain, BABEC. The project has also received backing from several companies across the country, most of them state-owned. According to previous details, the ChainMaker blockchain can carry out more than 240 million transactions in seconds. This figure is presently at a very high level compared to the prior estimate of about 100,000 that the blockchain boasted in 2021.
China continues to make waves in the blockchain space
China has been trying to stamp its name in the blockchain scene worldwide in the last few years. A report in 2022 fingered China as the origin for over 84% of the applications in the blockchain sector. Although the actual number is not the same, the approval rate is still tiny compared to the filed applications. In context, only 19% of the developed applications have been passed fit by quality control.
Asides from the blockchain sector, China has been making big waves in the CBDC sector. The country has been carrying out numerous tests in that field, handing out packets to people across provinces. However, a recent report last year said that only $14 billion worth of the CBDC has been transacted. While the country continues to make huge strides in other aspects, there have been calls from across the country to reverse its decision regarding the crypto ban. A former government executive also urged China to rescind the decision to take advantage of crypto’s various opportunities.