Although the impact on the login password continues, China is once again embracing blockchain technology-and even opened the National blockchain Technology Innovation Center in Beijing.

The center will work with local universities, Chinese think tanks and blockchain companies to create a scientific research Internet to explore key blockchain technologies, China Daily reported on February 8. This scientific research achievement will be used to further promote the digitization of China and enlarge its block chain industry chain.

Undertake the new organization refers to the Beijing Urban Block chain and Industrial Internet of things Research Institute-a physical line known for the development and design of Changan chain or transmission chain maker block chain. This blockchain has been applied to an ecosystem of 50 trading companies, most of which, such as China Construction Bank or China Unicom, are publicly owned. As of the release date, the total number of transactions per second (TPS) that Chainaker can implement is known to be 240 million-higher than 100000 TPS in 2021.

In recent years, China has been proactively introducing itself as a blockchain country. In September 2022, the Chinese government announced that China accounted for 84% of global blockchain applications. Although the specific figures are likely to be similar, the chances of approval are slim, with only 19 per cent of applications approved.

Apart from the scientific research of blockchain, the development and design of the digital currency of the central bank is a priority for relevant departments in China. The use of millions of dollars worth of electronic renminbi has already been distributed across the country to promote its selection. However, as of October 2022, the total turnover of electronic devices in RMB exceeded only 100 billion yuan ($14 billion).

In all its efforts to chase digital innovation, China, a former management of the people's Bank of China, recently urged China to rethink its strict login password restrictions. The former senior official made up lies that a permanent ban on data encryption could cause formal financial system software to miss a lot of opportunities, including good opportunities related to blockchain and dynamic password.