The municipal government of Beijing, a city known for its technological advancements, has recently announced its ambitious plans to spearhead the development of web3 and blockchain technology.
In a collaborative effort between the Beijing Municipal Science and Technology Commission and the Zhongguan Village Science and Technology Management Committee, the “Beijing Web 3.0 Innovation Development White Paper (2023)” was introduced.
This comprehensive white paper provides in-depth insights into web3 system analysis, structure, domestic and international development status, as well as the current state and recommendations for Beijing’s development.
The document acknowledges blockchain technology as an inevitable direction for the future growth of the internet industry. It emphasizes the importance of consistent investment and support to fully unlock the potential of this cutting-edge technology. To this end, the plan includes a commitment to allocate significant funds to the web3 industrial ecosystem.
The Chaoyang District, starting this year, will allocate no less than $14.1 million or 100 million yuan annually to support the development of blockchain enterprises. The action plan outlines a three-year funding initiative, set to expire in 2025. The ultimate goal is to establish Chaoyang as a national leader in web3 innovation by the target year.
Additionally, the white paper outlines a four-layer architecture for blockchain implementation. These layers include infrastructure, interactive terminals, platform tools, and applications. The infrastructure layer serves as the foundation for web3 operations, incorporating advanced technologies such as artificial intelligence and blockchain networks.
By publishing this blockchain white paper, the municipal government of Beijing demonstrates its commitment to driving innovation and embracing the potential of blockchain technology. With substantial investments and strategic initiatives, Beijing aims to position itself at the forefront of web3 development and contribute to the advancement of the blockchain industry as a whole.
