China preparing for another blockchain technology The push followed after promising to train half a million new “specialists” to work in the field.
blockchain was Designated as a development area by Chinese President Xi Jinping in 2018,
In the years that followed, Blockchain salaries boom in the country,
But in recent years, Chinese blockchain enthusiasm has slowed down.
However, Beijing is keen to stop this.
Per China Youth DailyBeijing has opened a new national blockchain research center, with plans to launch the center unveiled last week.
The center has been charged with training “500,000 blockchain professionals”.
It also said that blockchain technology plays “a central role” in the Chinese “digital economy”.
The center has been created in association with the Ministry of Science and Technology.
And directed to work closely with universities and research institutes across the country.
IT companies will also be asked to work with the Centre.
China’s Latest Blockchain Pivot: Why the Urge?
Beijing has also revealed plans to launch a “national” blockchain network solution.
The solution, the ministry said, would add to existing blockchain protocols and “provide support for other industries.”
Zheng Xie Ming, a professor at the Chinese Academy of Sciences and Beijing University of Aeronautics and Astronautics, claimed that the center needs to tackle the issue of “blockchain islands”.
Zheng explained that these “islands” had emerged due to the fact that different companies and sectors had built their own, individual, off-chain blockchain networks over the years.
China banned most forms of crypto-related activity in a nationwide crackdown conducted in 2017 and 2021.
Therefore, developers cannot work on a decentralized public network like Ethereum.
Instead, blockchain professionals must work on private networks.
this incident happened Effectively excluded Chinese businesses From crypto and non-fungible tokens (nft) Sector.
Zheng spoke of an “uneven underlying technology network”.
The academic also said that a “fragmented technology ecosystem” had emerged, characterized by “various blockchain applications”.
Professor said:
“The phenomenon of ‘blockchain island’ is becoming more and more serious. This new type of information island phenomenon has seriously hindered the development of the digital economy.”
But the academic claimed:
“Building a National Blockchain Technology Center” […] will increase significantly [Chinese] Innovation capabilities and core competitiveness. This will help China occupy a higher position in the development of the global digital economy.