Web 3.0 Trends Take Center Stage
On July 6, a sub-forum of the Global Digital Economy Conference convened in Tongzhou, Beijing, focusing on Web 3.0 development trends. The event featured the release of two pivotal reports:
- China Blockchain Development Report (2023)
- China Metaverse Development Report (2023)
This marked Tongzhou’s second major metaverse forum in 2023, following February’s Third Holographic Digital Economy and Metaverse Ecosystem Summit.
Key Participants and Highlights
Blockchain leaders from Ant Group, Huawei, Du Xiaoman, and Zhongke Jincai attended, underscoring the forum’s industry relevance. Observations noted Tongzhou’s strategic push to become a metaverse regional hub, aligning with broader governmental ambitions—over 20 Chinese municipalities have introduced ~50 metaverse-supportive policies.
Blockchain’s Evolution: From Adoption to Scale
Industry Insights
Ant Group’s Perspective
- Yan Ying, Chief Scientist of Ant Chain, highlighted blockchain’s shift toward hybrid cloud deployments and escalating performance demands.
Showcased three scalable products:
- HOU: Supports 10K+ nodes and 100K+ TPS.
- LETUS: Handles 2B+ accounts.
- Web3 Open Alliance Chain: Ethereum-compatible.
Huawei’s Vision
- Zhang Xiaojun, Huawei’s Blockchain CSO, emphasized privacy protection and fair resource allocation as Web 3.0 cornerstones.
- Cited supply-chain finance as a transformative use case, enabling SMEs to overcome funding gaps via smart contracts.
Real-World Application: Smart Warehousing
- Jingcang, a smart logistics firm, leverages Ant Chain’s blockchain to streamline multi-party operations across its 6,000㎡ Beijing warehouse, enhancing transparency and reducing costs.
Metaverse in Action: Education and Urban Development
Beijing Institute of Technology’s Innovation
- Ding Gangyi, Dean of Computer Science, unveiled a metaverse-enabled admission letter, allowing students to explore a 5㎢ digital twin campus.
- The project symbolizes metaverse’s potential in large-scale educational simulations.
Tongzhou’s Metaverse Ambitions
- 81 metaverse firms have established operations in Tongzhou, with total registered capital hitting ¥1.73B.
The Zhangjiawan Design Town hosts an 18,000㎡ Metaverse Innovation Center, driving applications like:
- Rural Metaverse: Blockchain-integrated projects across 200+ villages.
- Digital Asset Focus: NFT and content-creation ecosystems (despite China’s cautious stance on tokenization).
FAQ: Addressing Key Queries
Q: How does Tongzhou’s metaverse plan differ from Chaoyang’s?
A: Tongzhou emphasizes policy-driven growth and niche content creation, while Chaoyang thrives on tech-industry synergy. Both complement Beijing’s broader strategy.
Q: What barriers exist for blockchain adoption in China?
A: Tokenization restrictions limit public-chain integration, favoring consortium chains for enterprise use.
Q: Which sectors benefit most from Web 3.0?
A: Logistics, finance, and education lead in leveraging decentralized solutions for efficiency gains.
Strategic Takeaways
- Tongzhou is emerging as a metaverse policy lab, while Chaoyang accelerates tech commercialization.
- Enterprises must navigate regulatory nuances to harness blockchain’s full potential.