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Beijing Leads the Way: Municipal Govt. Releases Blockchain White Paper

• Beijing Municipal Science and Technology Commission releases ‘Beijing Web 3.0 Innovation Development White Paper (2023)’
• White paper recognizes blockchain as an inevitable trajectory for the future development of the Internet industry
• Chaoyang District to inject no less than $14.1m or 100m yuan annually for the development of blockchain enterprises

Beijing Releases Blockchain White Paper

The Beijing Municipal Science and Technology Commission, in collaboration with the Zhongguan Village Science and Technology Management Committee, has released the “Beijing Web 3.0 Innovation Development White Paper (2023).” The white paper recognizes blockchain as an inevitable trajectory for the future development of the Internet industry.

Investments into Blockchain

In order to realize its potential, plans include allocating significant funds to support web3 industrial ecosystem. Starting this year, Chaoyang District will be injecting no less than $14.1m or 100m yuan annually for three years until 2025 in order to make it a national leader in web3 innovation by 2025.

System Architecture

The white paper also breaks down its system architecture into four layers: infrastructure, interactive terminals, platform tools and applications. The infrastructure layer provides necessary foundation operations such as artificial intelligence and blockchain networks while interactive terminal layer supports extended reality terminals, holographic images and brain interface technologies that enable immersive sensory experiences. Platform tool layer creates actors in virtual spaces through digital content production and digital twin technologies while application layer allows users to create consumer entertainment and industrial manufacturing applications on the blockchain network.

Benefits of Blockchain Technology

The use of blockchain technology brings a number of benefits including increased transparency, security and cost-efficiency of data management processes due to its distributed ledger system where records are stored across multiple nodes on a network rather than on one centralized server which restricts access from malicious actors or targeted attacks. Additionally it is virtually unhackable due to its cryptographic algorithms which provide strong protection against malicious activities making it suitable for high risk transactions such as those involving money or sensitive information like medical records etc..

Conclusion

Overall this technology is set to revolutionize many industries from finance to healthcare with its potential applications being limitless; therefore governments across China have started investing heavily into developing solutions using this groundbreaking technology ensuring their place at forefront when these solutions become mainstream someday soon