China has launched a state-backed research center dedicated to exploring the potential of blockchain and achieving major technological breakthroughs related to the technology.
according to recent reports From local Chinese outlet South China Morning Post, the country’s Ministry of Science and Technology has approved the creation of the National Blockchain Technology Innovation Center, which is tasked with researching blockchain technology for industrial applications as well as promoting it at the national level. on how it can be implemented. economy.
The report states that the Beijing-based center will “focus on the areas of blockchain with respect to fundamentals, software and hardware with the aim of developing related key technologies and industrial applications.”
The Beijing Academy of Blockchain and Edge Computing (BABEC), the entity popularly known for developing the Chang’an Chain or Chainmaker blockchain, will lead the research center.
China has been supportive of the nascent blockchain technology despite its harsh stance towards cryptocurrencies. In September 2022, the Chinese government Claimed That country accounts for 84% of all blockchain applications filed nationwide. However, the approval rate is low, with only 19% of the total applications being filed being approved.
Back in 2021, Chinese President Xi Jinping said that 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 expanded to many areas 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 Cyberspace Administration of China (CAC), the country’s two main tech industry regulators, also said in published guidelines in 2021 that China would like to see blockchain widely used in a range of industries by 2030 . ,
In September 2021, Chinese regulatory authorities sent a shockwave across the crypto world when they imposed A complete ban on businesses providing cryptocurrencies and related services. The ban comes just months after the country announced a ban on cryptocurrency mining activities.
The use of blockchain is on the rise
Over the past few years, various organizations and countries have seen an increase in the use of blockchain as the technology provides an economical and efficient way to make and receive payments, store data, and build credit history.
As noted, the California Department of Motor Vehicles announced Last month it announced plans to use blockchain technology for record-keeping, including the issuance of car ownership and simplifying the transfer of such ownership.
In a report earlier this year, the World Economic Forum (WEF) also Said It believes that blockchain technology will continue to be an “integral” part of the modern economy. The organization highlighted the wide-ranging applications of cryptography and blockchain technologies, adding that their use in the financial services sector is already notable.
“Indeed, as a test of the staying power of digital assets and blockchain at the core of financial services (and other sectors of the global economy), look at what big banks and established financial services companies do, not what they say.” “
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