China has taken a big step forward in its bid to advance the development and use of blockchain technology by setting up the National Blockchain Technology Innovation Centre in Beijing.

The centre will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), a research institution supported by the Beijing government, and one of the developers of Chang’an Chain, China’s first open-source blockchain platform.

The new centre will be responsible for conducting research and development on blockchain technology, including fundamental theories, hardware and software development, and building blockchain platforms.

Unfortunately, no further information has been provided regarding the centre’s budget, staffing, or opening date.

BABEC has already announced the development of the Hive computer cluster, which is based on the Chang’an Chain platform.

The Hive cluster has the capability to process over 240 million smart contract transactions per second, making it one of the fastest and most advanced blockchain solutions available.

Despite the ban on cryptocurrencies, China recognizes the importance of blockchain technology as a crucial part of its digital infrastructure.

In January, the Beijing government launched version 2.0 of its data directory, which is based on the Chang’an Chain and collects information from over 80 government departments.

The Blockchain Whitepaper (2022) published by the China Academy of Information and Communications Technology (CAICT) in December 2022 showed that China has over 1,400 blockchain-related companies, accounting for more than 20% of the total number globally.

29 cities and provinces in China have also included blockchain in their five-year plans for 2021-2025, further highlighting the country’s commitment to advancing this technology.