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- Beijing will be building a list of key blockchain enterprises that will support algorithm, power, and calculation infrastructure.
- Subsequently, blockchain will improve industry data transactions as the time between the shifting of currencies will be reduced.
- A sense of openness and progress will prevail with this modern and decentralized system.
In a bid to improve Beijing’s economy, through the cultivation and development of new business models, it will see a huge investment in its AI/Blockchain technology space. Beijing will be building a list of key blockchain enterprises that will support algorithm, power, and calculation infrastructure. The ultra-high-speed computing intelligence center will also be supported through this investment. Per Chinese media, the government aims to build a smart city database and develop an AI operations system. Further, it will strengthen R&D, deploy deep learning frameworks, and algorithm platforms.
Beijing Aims to Develop Blockchain technology
Beijing, one of the finest developed countries of the world, also aims to form industrial applications and nurture backbone enterprises in blockchain technology. It will help deliver service and technology promotion. Subsequently, blockchain will improve industry data transactions as the time between the shifting of currencies will be reduced. The city plans to adopt regulatory security with integrated application effects.
According to a source working for the government, it plans to construct free trade pilot zones, which will support electronic transactions, e-commerce, and cross-border trade powered by blockchain technology. It not only helps in data circulation but also enhances the security and credibility of various transactions. China will seize the opportunity that has come their way with the help of the latest fintech advancements in the world. With AI at its aid, China will solve its lending problem that has been a menace over a long period. It will escape dollar hegemony and keep the economy closer to home.
How Will the Chinese Economy Benefit?
A sense of transparency and progress will prevail with this modern and decentralized system. It will not increase China’s control over trading partners; instead, it will relax the grip on citizens’ financial transactions. The economy will prosper and multiply with the construction of national industrial innovation in the field of biosecurity.
The plan also extends to 5G and 6G will only strong-arm the superpower. It can carry out transactions within seconds when such speeds are available. Satellite internet technology and application development are the basics of any blockchain technology, which China plans to invest in.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
