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China Chooses Conflux: Blockchain for Belt and Road Initiative

China Chooses Conflux: Blockchain for Belt and Road Initiative

The “Belt and Road Initiative” will include a Blockchain project built on Conflux Network thanks to the Chinese government.
Conflux acknowledged in an X post that the Chinese government’s development of a public blockchain infrastructure will make it possible to create a platform for cooperation.
China has been attempting to establish itself as a leader in the blockchain space, which is why the project came about.
The Chinese government has chosen Conflux Network to develop a blockchain project for the “Belt and Road Initiative.” The project’s unveiling coincides with China’s blockchain industry’s rapid advancement to become a worldwide leader. Nonetheless, the Chinese government continues to prohibit organizations from dealing with cryptocurrencies.

Conflux to Start Blockchain Project with the Chinese Government

Wu Blockchain claims that the Chinese government has unveiled the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” a blockchain project. Conflux Network handles project management.

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The creation of a public blockchain infrastructure platform is the main objective of the project. However, this blockchain won’t have any cryptocurrency due to Chinese government policy.

 

Conflux to Establish the Transnational Blockchain Infrastructure

Conflux acknowledged in an X post that the Chinese government’s development of a public blockchain infrastructure will make it possible to create a platform for cooperation. This platform will help with the implementation of cross-border cooperation initiatives along the Belt and Road Initiative. It will act as the basis for developing applications that showcase international collaboration.

China Is Going to Rule the Blockchain World

China is positioning itself as a blockchain technology leader. Conflux will oversee the blockchain project, reflecting China’s strategic focus. Shanghai revealed a comprehensive plan to develop its urban blockchain infrastructure. The plan spans from 2023 to 2025. According to Forbes, this approach is vital for Shanghai’s digital transformation. It aims to enhance blockchain applications across the economy, public services, and urban planning sectors.

The plan seeks to capitalize on the developments in blockchain core technology and standard system building, which have sparked a thriving industrial ecosystem and significant innovation momentum.

Moreover, as reported by Forbes, Shanghai’s strategy exemplifies China’s determination to assert global dominance in economic and technological spheres. Additionally, the successful launch of the e-Yuan, China’s central bank digital currency, further solidifies its leadership in digital currencies. This underscores China’s commitment to innovation and its aspiration to set international standards.

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