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China launches Blockchain project for Belt and Road initiative



The Chinese government released its latest blockchain project titled “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” Spearheaded by Conflux Network, this project aims to establish a robust public blockchain infrastructure platform.

The launch was announced at a meeting held to discuss key research and development plans which took place on March 30 at the Shanghai Tree Map Blockchain Research Institute. 

Led by the Shanghai Shutu Blockchain Research Institute, the project has attracted other collaborators such as the China Academy of Information and Communications Technology, Shanghai Jiao Tong University, Fudan University, and Shanghai Maritime University.

According to the Chinese government, the primary objective of the project is to address the unique characteristics and requirements of the “Belt and Road” transnational cooperation scenario. 

The Belt and Road Initiative (BRI) is a transnational cooperation effort led by China that aims to drive economic and political collaboration across participating countries. 

This initiative, launched in 2013 by President Xi Jinping, seeks to enhance connectivity and cooperation through infrastructure projects, investment initiatives, and development programs spanning regions from East Asia to Europe, Africa, Oceania, and Latin America. 

The BRI is designed to promote mutual benefits and shared prosperity among participating nations by focusing on areas such as infrastructure development, energy resources, production capacity, trade, and investment. 

Through the BRI, countries have the opportunity to work together on action plans, major projects, and cooperation agreements in various sectors, including finance, science, technology, environmental protection, and talent exchange. 

Additionally, the project will help launch an advanced blockchain platform capable of supporting multi-country deployment and collaborative supervision across various stakeholders. This will cover applications of cross-border cooperation in economic, trade, and cultural domains.

China has been actively involved in the development and promotion of blockchain technology both domestically and globally. 

The country has significantly increased its engagement in blockchain-based businesses and has taken steps to enhance its global presence in this field. 

An example is its involvement alongside countries like the U.S., U.K., Canada, Germany, and others, in developing the International Technical Committee for Blockchain Standards to establish standards and promote global engagement in blockchain technology. 

China also launched its Blockchain-based Service Network (BSN) in April 2020, following a six-month beta testing period. This project, backed by government entities, aims to provide a trusted and scalable infrastructure for new blockchain projects, smart cities, and the digital economy.

In July 2023, the government of Shanghai implemented a strategic plan to develop its urban blockchain digital infrastructure system between 2023 and 2025. 

The aim is to bolster Shanghai’s urban digital transformation, boost blockchain applications in the economy, public services, and urban governance, and establish an international blockchain exchange hub.

Another significant achievement for the Chinese blockchain industry is that Chinese companies account for approximately 70% of the world’s global blockchain patent applications, showcasing a robust emphasis on innovation and advancement in the blockchain technology sector.

Read also; Polygon CEO stirs controversy claiming L3s drain Ethereum value


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