Blockchain technology continues to gain momentum in China, with Beijing leading the charge in Web3 innovation. The capital city has recently unveiled a two-year action plan, known as the Beijing Blockchain Innovation and Application Development Action Plan, aimed at accelerating the adoption and infrastructure development of blockchain technology.
Collaborating with key agencies such as the Beijing Municipal Science and Technology Commission, the Cyberspace Administration Office, and the Bureau of Commerce, the initiative is set to kick off from mid-2025 to mid-2027. The plan emphasizes increased funding for blockchain research, particularly in areas such as cryptography, confidential computing, and distributed ledgers.
A significant focus of the action plan is on enhancing blockchain infrastructure in Beijing. This includes the establishment of a national blockchain hub node, a distributed data directory, and a blockchain-based evidence storage unit. The goal is to streamline business processes, facilitate trustworthy data sharing, and drive innovation in service models to promote broader blockchain adoption.
To support these objectives, Beijing authorities have committed to injecting 100 million yuan ($14 million) annually into the initiative. This funding is expected to propel Beijing as the blockchain capital of mainland China, leading to 10 breakthrough Web3 achievements within the next 24 months.
While the initial focus is on blockchain development in Beijing, the plan also has broader national ambitions. The progress made over the next two years is anticipated to have a ripple effect across mainland China, fueling the growth of blockchain technology in the region.
This new initiative builds upon a white paper released by Beijing authorities that highlighted blockchain as a key pillar of the city’s digital development strategy. In 2023, Beijing pledged to train 10,000 engineers in blockchain technology to drive the digital revolution. The city is also leveraging other emerging technologies such as artificial intelligence (AI) and Internet of Things (IoT) to upskill its workforce and stay ahead of the curve.
In a similar vein, Malaysia’s national applied research center, MIMOS Berhad, has launched the Malaysia Blockchain Infrastructure (MBI) to drive Web3 innovation in the country. The MBI will support a range of blockchain-based services, including the Web3-powered MyDigitalID, decentralized finance (DeFi) applications, and digital collectibles.
With a focus on digital assets, MBI aims to provide enterprises and individuals with enhanced security and interoperability. The infrastructure is expected to support stablecoins, a central bank digital currency (CBDC), and digital currencies, with a particular emphasis on non-fungible tokens (NFTs) and blockchain-based digital ID services.
The launch of MBI is set to pave the way for a national blockchain standard in Malaysia, attracting foreign investment and fostering the growth of the local blockchain ecosystem. Industry service providers are exploring various use cases across sectors such as supply chain, virtual currency custody, and identity management.
Overall, the adoption of blockchain technology in both Beijing and Malaysia signals a growing trend of real-world applications and innovation in the Web3 space. As these initiatives unfold, they are expected to drive further advancements in blockchain technology and pave the way for a more decentralized and secure digital future.