Massive 96-core chips now power the Chinese state-backed Chang’an Chain enterprise blockchain. Beijing Academy of Blockchain and Edge Computing (BABEC) founded the initial consortium initially backed by 27 organizations, including State Grid, China Construction Bank, and the central bank’s Digital Currency Research Institute.
Other founding members include China Unicom, COFCO and WeChat owner Tencent. Last week it announced the group has expanded from 27 to 50, including the addition of China Telecom, COSCO, and the Bank of China, reports Ifeng.
China boasts that this is the country’s first fully homegrown blockchain technology which is also open source. It aims to be open not just to businesses but also to independent developers and is massively scalable, with further details on that below. So far, numerous large state-owned enterprises are involved.
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