Banning cryptocurrencies, China still supports blockchain development

The China Blockchain Technology Innovation Research Center (NBTIC), approved by the Ministry of Science and Technology of China in February 2023, has officially launched. The center will be led by the Beijing Blockchain and Edge Computing Research Institute (BABEC). In the immediate future, the center aims to cooperate with universities, research institutes, and blockchain companies to develop distributed ledger technology (DLT) and is expected to train 500,000 technology professionals.

According to Zheng Zhiming, a professor at Beihang University (BMSS), the center will help connect different blockchain uses in the country into a single system. Dong Jin, director of the China Blockchain Technology Innovation Center, said blockchain will solve problems related to data security and reliability, while enhancing security for the digital economy.

When it comes to blockchain, people often think of applying this technology to cryptocurrencies. However, both are separate entities, it is important to know that in addition to cryptocurrencies, blockchain can be applied in many different areas such as manufacturing, healthcare, education, financial services and identity verification.

China accounts for 84% of the world's total blockchain technology patent applications

Blockchain can store data more securely than traditional methods. Thanks to blockchain, data is always available when users need it, even if a node fails. This technology will open up opportunities to promote international trade, solving regulatory challenges between domestic and international businesses.

According to SCMP , China has issued a five-year plan identifying blockchain as one of seven key development areas for the digital economy in 2021. The Ministry of Industry and Information Technology (MIIT) and the Cyberspace Administration of China (CAC) also said that China will seek to widely apply blockchain in many industries by 2030.

The launch of NBTIC is the latest development in the Chinese government’s plan to promote the use of blockchain in industry. Blockchain technology is expected to serve key areas of the Chinese economy, including cross-border trade, supply chain finance, energy, production security, and food processing.

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