A new national Blockchain research center has opened in Beijing. The venue will act as a research hub for China’s Blockchain industry and seeks to train 500,000 new professionals in the space. Backed by the Chinese government, the research center focuses on non-cryptocurrency use cases of Blockchain technology.
China is looking to train 500,000 Blockchain professionals following the launch of a new national Blockchain research center. The recently opened research center in Beijing is endorsed by the Chinese Ministry of Science and Technology.
It will work closely with universities, technology companies, and other research institutes to boost the development of the country’s Blockchain and Web 3.0 industries.
Separating Blockchain from Digital Assets
Probably the best-known application of Blockchain technology is digital assets. However, the Chinese government has taken a hard line on cryptocurrencies and banned cryptocurrency trading in 2021. As such, supporting the country’s Blockchain sector means outlining the technology of its cryptocurrency use cases.
According to the South China Morning Post, in addition to training new Blockchain professionals, the center also aims to establish a nationwide Blockchain network. This will connect existing Blockchains in China and promote cross-chain development.
Examples of Chinese Blockchains include ChainMaker, also known as the Chang’An Chain. ChainMaker is an open-source platform created by the Beijing Academy of Blockchain and Edge Computing. The government-backed research institute is also taking a leading role in the new center.
Entities looking to harness the potential of the Chang’An Grid include State Grid, which hopes to use it to record carbon lifecycle data on the chain. Meanwhile, Chinese healthcare players are collaborating on the Xiaotong Medical Chain. Built with ChainMaker, Xiaotong Medical Chain is designed to create reliable data links.
Using the platform, medical institutions, government authorities, and insurers will be able to share information through a verifiable and cryptographically secure channel.
Chinese Digital Asset Firms Seek Refuge in Hong Kong
While the Chinese government emphasizes alternative use cases for Blockchain technology, China’s digital asset companies have had to find ways around the country’s ban.
Furthermore, the demand for cryptocurrencies remains strong among the Chinese population. And the blanket ban on cryptocurrency trading has proven difficult to enforce.
One strategy that has proven effective for some companies is to move operations from mainland China to Hong Kong. Unlike the stance taken by Beijing, Hong Kong has cultivated a hospitable climate for cryptocurrency business. Furthermore, some of the world’s largest cryptocurrency firms now have offices there.
Companies like Huobi have expanded their presence in the city. And that despite being nearly paralyzed by the 2021 crypto ban. However, thanks to Hong Kong’s crypto-friendly policies, Huobi and its peers have now regained some of their mojo.
For years the Chinese market has been very restrictive with crypto trading, but there are already voices in the crypto world who believe that the great focus of growth in 2023 may be in China. At the moment, the Chinese authorities continue to defend their digital yuan.
By Audy Castaneda
