Beijing allocates $14 million yearly for blockchain plan

Beijing has unveiled a multi-agency action plan to develop and integrate blockchain technology across key sectors, aiming for completion by 2027.  

The announcement, made on April 29, outlines the "Beijing Blockchain Innovation and Application Development Action Plan." 

The strategy was developed by several agencies, including the Beijing Municipal Science and Technology Commission, Zhongguancun Administrative Committee, and the Cyberspace Administration Office.  

“Critical foundational technology for industrial digitalisation and vital digital infrastructure,” is how it emphasises blockchain.

The plan includes targets such as the creation of dedicated blockchain chips, privacy-preserving tools, crosschain compatibility, and distributed networking systems.  

By 2027, the project intends to establish large-scale interoperable identity systems and petabyte-level trusted node storage.  

At least 20 blockchain applications are scheduled for development under this framework.  

The project promotes the “one blockchain, one network, one platform” principle to centralise development and improve interoperability.  

Targeted sectors for integration include healthcare, education, financial services, transportation, and artificial intelligence.  

“Blockchain will be used to optimize business processes, ensure trustworthy data sharing, and innovate service models,” according to the plan.

Beijing officials state the city has already made substantial progress in blockchain autonomy and real-world applications.  

The plan will also support advances in cryptography, distributed systems, and confidential computing.  

The announcement follows Beijing’s May 2023 publication of its “Web3 Innovation and Development White Paper,” which labeled Web3 as an “inevitable trend” in future internet development.  

As part of that effort, the city committed to invest at least 100 million yuan, or around 14 million dollars, annually in related technologies until 2025.  

Authorities expect the ongoing blockchain development to establish Beijing as a central hub in the digital economy.