Almost three months after green-flagging the setting up of the National Blockchain Technology Innovation Center in Beijing, the said center is planning to train almost half a million specialists in blockchain and web3 development.
The project will focus on honing the skills of 500,000 specialists in developing and using distributed ledger technology along with boosting the web3 industry in China. While China still keeps a ban on cryptocurrencies, it does believe that blockchain technology will play a major role in shaping up the future technical advancements of the country.
To achieve this technical feat, the center will be collaborating with local universities and businesses based on blockchain. The Beijing Academy of Blockchain and Edge Computing (BABEC) has been roped in to lead the center. Notably, the Academy is one of the developers of the Chang’an Chain, commonly known as ChainMaker.
The ChainMaker developed by the Academy and other research institutions, will act as the blueprint for all the developments of the center. ChainMaker is already being used in supporting functioning of many research and business institutions, as it is the first domestically developed open-source blockchain platform.
China, while may not signal green to use of cryptocurrency, it has well-planned the initiation of digital currency. Yuan, the national currency of China will be made available in digital format so that it can be used in expanding its uses in executing Belt and Road Initiatives and cross-border trades.
To broaden the event horizon, China has also launched an Institute of Web3 in Hong Kong which will focus on improving digitalization of nationwide industries. Apart from launching the Institute, the Chinese Government has also launched the 2.0 digital version of its data directory which will also be based on ChainMaker.
The Innovation Centre in Beijing will primarily be focusing on teaching fundamental theories of blockchain, its real-life application and web3 development in making blockchain technology an inclusive ecosystem. The present blockchain system of China is scattered between small institutions which makes it hard for them to build a strong network. Through its 14th five-year plan, China is aiming to build a blockchain network that has a central apex link to all the presently distributed blockchain systems. This way, the country will be able to achieve an unified web3 ecology backed by blockchain advancements.
Chinese companies that are now a part of Beijing Academy of Blockchain and Edge Computing (BABEC), are now directing their efforts in understanding the utility of Artificial Intelligence (AI) in developing a cohesive network. Backed by almost 80 governmental departments, the Academy, its supporters and the Chinese Government itself are exploring the possibilities of AI and blockchain to make China a digital economy.
The move to train half a million specialists is a brilliant strategy considering China’s past on being self-reliant and heavily dependent on industrialism. While no information is made public in relation to staffing or budgeting, the BABEC has announced that it is actively working in building a blockchain hive that can process about 240 million smart contract transactions per second.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/11/china-to-build-digital-economy-via-training-specialists-in-babec/