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National Blockchain Technology Innovation Centre in Beijing

China's Ministry of Science and Technology has approved the establishment of the National Blockchain Technology Innovation Centre in Beijing.

Representative Blockchain image
Representative Blockchain image

The center will be managed by the Beijing Academy of Blockchain and Edge Computing (BABEC) and will focus on researching and developing blockchain technology.

BABEC: A Leading Research Institution

BABEC is a research institution supported by the Beijing government and is one of the developers of Chang'an Chain (ChainMaker), China's first domestically developed open-source blockchain platform. The institution will lead the national center in researching blockchain technology and its industrialization, including theories, hardware and software development, and platform construction.

China on world map
China on world map

China's Blockchain Development

The Beijing government views blockchain as a crucial component of its digital infrastructure, even though cryptocurrencies are banned in the country. In early February, BABEC announced the development of a computer cluster, Hive, based on Chang'an Chain, which can process over 240 million smart contract transactions per second. The government of Beijing has also launched version 2.0 of its data directory, which collects information from over 80 government departments on the Chang'an Chain.

Blockchain in China: A Growing Industry

The 2022 Blockchain Whitepaper published by the China Academy of Information and Communications Technology (CAICT) reveals that China has over 1,400 blockchain-related companies, accounting for over 20% of the world's total. At least 29 cities and provinces have written blockchain into their five-year plans for 2021-2025, further demonstrating China's commitment to the technology's growth and development.