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China Launches National Blockchain Innovation Center in Beijing

China’s National Blockchain Innovation Center officially opened on Tuesday, May 10, in the capital Beijing.

The Center will be run by the Beijing Blockchain Academy, which has announced its intention to accelerate the construction of “super-scale clusters of blockchain computing power” and integrate them into a single national computing network.

The plan is to first train more than 500,000 specialized professionals in distributed ledger technology, and begin cooperating with universities and companies in the PRC, implementing blockchain.

The ChainMaker blockchain ecosystem, which is backed by a group of 50 for-profit corporations, will serve as the basis for the training and future development of the Center.

Most of the ChainMaker project participants are state-owned, in particular China Construction Bank and China Unicom.

It is expected that the Center’s graduates and technological expertise will be in demand in such areas of the national economy as cross-border trade, supply chain finance, energy, manufacturing security and food industry.

Earlier, French bank BNP Paribas China said to start cooperating with the Bank of China and introduce a digital yuan settlement program for corporate clients.