China Launches Huge Blockchain Cluster – Details

Chinese media have disclosed information on the nation’s huge blockchain effort to manage its people’s data, and what it’s able of is almost unbelievable. According to BJD, the Beijing behemoth, nicknamed the Honeycomb, comprises 1,000 high-performance servers capable of handling 240 million smart contract exchanges every second.

It is alleged that data privacy and security, with a large portion of data confirmation, will underpin the exchanges across several companies, including online shopping, travel, financial settlement, and hospital registrations between enterprises, collaboration, government, and much more.

Honeycomb Blockchain Band

The nation’s two-year-old home-grown, independently centralized blockchain hardware and software technology system, Chang’an Chain, is behind this recent Beijing innovation. Several have publicized this as an important moment for the country, as nations such as the United States have enforced several guidelines that secure the exchange of certain technologies.

The event that the nation can sustain such important innovations and developments indicates that it no longer needs other nations’ opinions, prioritizing it ahead of many.

BJD proclaims that the blockchain band could assist in breaking up data islands and enable over eighty departments and sixteen districts to agree and transfer information more efficiently, all in an attempt to nail the relationship of its governance system.

The report further emphasized that it might greatly foster people’s lives; however, for many, it may seem like just one more step on the wrong side as the country continues to collect more information on its citizens.

The City of China to Improve CBDC Exchanges by Six Times in 2023

Suzhou, a city in china, recently launched its new strategy to foster the assimilation of the digital Yuan. The city wants to transact about 297 billion dollars of the central bank digital currency in 2023. Following local media reports, the Suzhou authorities target to achieve the goal of digital Yuan exchanges involving enterprises and residents, with the aimed value projected to grow six-fold.

As of last year, companies and residents in the popular city allegedly traded about 50.5 billion dollars in digital Yuan. Sources indicate that under the new strategy known as Suzhou Three-Year Action Strategy for developing the digital finance industry. This year, the city aims to mint almost thirty billion digital Yuan-powered loans for medium and small businesses.

Additionally, the city proclaims that more than thirty million residents accessed the e-CNY wallets last year. Another one million industries and administration entities allow payments in the central bank’s digital currency.

Meanwhile, China has been strict about using virtual digital assets, proposing using the central bank’s digital currency, and Suzhou’s strategy supplements it. Early this week, Today News announced that the country’s central bank, the people’s Bank of China, has publicized its attempt to continue and extend the pilot program for its central bank’s digital currency, the digital Yuan.

The digital Yuan is currently going through a pilot program that has been extended to seventeen more provinces across the nation. In addition, the PBOC prioritizes setting up a system that enables customers to scan with one code. Moreover, China’s central bank also pronounced that the digital Yuan would foster the relationship between the currency and conventional e-payment technologies.


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