{"id":9776,"date":"2023-05-17T03:46:57","date_gmt":"2023-05-17T07:46:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/new-chinese-blockchain-pivot-as-beijing-vows-to-train-500000-experts\/"},"modified":"2023-05-17T03:46:58","modified_gmt":"2023-05-17T07:46:58","slug":"new-chinese-blockchain-pivot-as-beijing-vows-to-train-500000-experts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9776","title":{"rendered":"New Chinese Blockchain Pivot as Beijing Vows to Train 500,000 \u2018Experts\u2019"},"content":{"rendered":"
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China is gearing up for another blockchain technology push after promising to train half a million new \u201cexperts\u201d to work in the sector.<\/p>\n

Blockchain was earmarked as a growth sector by Chinese President Xi Jinping in 2018.<\/p>\n

In the years that followed, blockchain salaries ballooned in the nation.<\/p>\n

But in recent years, Chinese blockchain fervor has slowed.<\/p>\n

Beijing appears keen to halt this, however.<\/p>\n

Per the China Youth Daily, Beijing has opened a new National Blockchain Research Center, after plans to launch the center were unveiled last week.<\/p>\n

The center has been charged with training \u201c500,000 blockchain professionals.\u201d\u00a0<\/p>\n

It has also been told to ensure blockchain technology plays \u201ca central part\u201d in the Chinese \u201cdigital economy.\u201d<\/p>\n

The center has been created in conjunction with the Ministry of Science and Technology.<\/p>\n

And it has been instructed to work in tandem with universities and research institutes nationwide.<\/p>\n

IT companies will also be asked to work alongside the center.<\/p>\n

China\u2019s Latest Blockchain Pivot: Why the Urgency?<\/h2>\n

Beijing has also unveiled plans to launch a \u201cnational\u201d blockchain network solution.<\/p>\n

This solution, the ministry said, will connect existing blockchain protocols and \u201cprovide support for other industries.\u201d<\/p>\n

Professor Zheng Zhi Ming of the Chinese Academy of Sciences and the Beijing University of Aeronautics and Astronautics claimed that the center needed to tackle the issue of \u201cblockchain islands.\u201d<\/p>\n

Zheng explained that these \u201cislands\u201d had emerged due to the fact that various companies and sectors had spent the past few years constructing their own, individual, closed-chain blockchain networks.<\/p>\n

China banned most forms of crypto-related activity in nationwide crackdowns conducted in 2017 and 2021.<\/p>\n

As such, developers cannot work on decentralized public networks such as Ethereum.<\/p>\n

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Instead, blockchain professionals must work on private networks.<\/p>\n

This phenomenon has effectively excluded Chinese businesses from the crypto and non-fungible token (NFT) sectors.<\/p>\n

Zheng spoke of an \u201cuneven underlying technology network.\u201d<\/p>\n

The academic also said a \u201cfragmented technology ecology\u201d had emerged, featuring \u201cdifferent blockchain applications.\u201d<\/p>\n

The professor said:<\/p>\n

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\u201cThe phenomenon of \u2018blockchain islands\u2019 is becoming more and more serious. This new type of information island phenomenon has seriously hindered the development of the digital economy.\u201d<\/p>\n<\/blockquote>\n

But the academic claimed:<\/p>\n

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\u201cBuilding the National Blockchain Technology Center [\u2026] will significantly enhance [Chinese] innovation capabilities and core competitiveness. It will help China take the high ground in global digital economy development.\u201d<\/p>\n<\/blockquote><\/div>\n