A new national blockchain research center has been opened in Beijing.
The newly inaugurated research center in Beijing was confirmed by the Ministry of Science and Technology of China .
The center will work closely with universities, technology companies and other research institutes to further develop the country’s blockchain and Web3 industry.
Of course, perhaps the most famous application of blockchain technology is digital assets. However, the Chinese government has taken a hard line on cryptocurrencies and banned crypto trading in 2021.
According to the South China Morning Post , in addition to training new blockchain experts, the center also aims to establish a nationwide blockchain network. This will connect existing blockchains in China and promote cross-chain development.
The Chinese blockchain is ChainMaker , also known as the Chang’an Chain.
ChainMaker is an open source platform created by Beijing Academy of Edge Computing and Blockchain. The government-backed research institute is also taking a lead role in the new centre.
Among the entities looking into potential uses of the Chang’an Chain is State Grid, which hopes to use it to record carbon lifecycle data on the chain.
Meanwhile, Chinese healthcare companies are collaborating in the Xiaotong Medical Chain. Built using ChainMaker, Xiaotong Medical Chain is designed to create reliable data links.
Using this platform, medical institutions, government agencies and insurance companies will be able to share information through a verifiable and cryptographically secure channel.
Demand for cryptocurrencies remains strong among the Chinese population. And a comprehensive ban on cryptocurrency trading has proved difficult to enforce.
One strategy that has proven to work for some companies is to move operations from mainland China to Hong Kong.
Contrary to Beijing’s stance, Hong Kong has created a hospitable environment for crypto businesses. And some of the biggest crypto companies in the world now have offices there.
