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Municipal government in China releases blockchain white paper

municipal-government-in-china-releases-blockchain-white-paper
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Municipal government in China releases blockchain white paper

A municipal government in Beijing, the capital of the People’s Republic of China and the hub for technological innovation, has unveiled plans to lead the development of web3 and blockchain.

Beijing municipality government releases blockchain white paper

Per local reports, the Beijing Municipal Science and Technology Commission, in collaboration with the Zhongguan Village Science and Technology Management Committee, unveiled the “Beijing Web 3.0 Innovation Development White Paper (2023)”. 

Within the document was detailed information on the system analysis and elaboration of web3, the system structure, domestic and foreign development status, and Beijing development status and recommendations.

The white paper recognizes the blockchain as an inevitable trajectory for the future development of the Internet industry. It emphasizes the need for continued investment and support to realize the potential of this cutting-edge technology. Thus, the plan also included intentions to continuously allocate significant funds to the web3 industrial ecosystem. 

Starting this year, the Chaoyang District will inject no less than $14.1m or 100m yuan annually for the development of blockchain enterprises. The action plan would require the district to continue funding the project for three years, which would expire by 2025. The aim is to position Chaoyang as a national leader in web3 innovation by 2025.

The white paper also broke down the intended architecture for blockchain into four layers. They are infrastructure, interactive terminals, platform tools, and applications. The infrastructure layer provides the foundation for web3 operations, incorporating technologies such as artificial intelligence, and blockchain networks. 

The interactive terminal layer encompasses extended reality terminals, holographic images, and brain interface technologies that facilitate immersive sensory experiences. The platform tool layer supports the creation of actors in virtual spaces through digital content production and digital twin technologies. 

Meanwhile, the application layer enables the blockchain to manifest in various domains, allowing users to create applications for consumer entertainment, industrial manufacturing, government services, and urban management.

Apple, Meta, Google are examples of tech giants driving web3

The development of web3 is due to the rapid development of artificial intelligence, digital collectables and digital people by technology giants like Apple, Meta, Microsoft, and Google. 

Domestic players such as Inwada, character beat, and Teneng would also be actively involved in shaping the industry. 

Despite these bold initiatives, the white paper acknowledges possible challenges that lie ahead, which include technical and talent support, the integrity of the industrial chain, and legal norms.