In today's grand narrative of the rapid evolution of global financial technology and Web3, the East and West are displaying starkly different underlying logics. While the Western cryptocurrency narrative mainly revolves around public chain performance expansion (such as Layer 2 and modular blockchains) and asset securitization brought by spot ETFs, China is charting a "hardcore" path centered on national-level digital infrastructure, focusing on the large-scale on-chain integration of the real economy and real-world assets (RWA).

On March 5, 2026, during the first "Representative Channel" session of the fourth plenary meeting of the 14th National People's Congress, national representative and Director of the Beijing Microchip Blockchain and Edge Computing Research Institute, Dong Jin, disclosed a series of industry-shocking data and research achievements. The core point is: China has successfully developed the world's first integrated blockchain operating system and launched the world's first 96-core blockchain-specific acceleration chip. The emergence of this "Chinese chip" has not only led to a 50-fold increase in blockchain performance but has successfully broken through the computing bottleneck faced by ultra-large-scale blockchain networks.

More critically, this technology has moved beyond the laboratory or proof-of-concept phase and has fully penetrated China's economic operational backbone network—applied in 16 central ministries and 27 central enterprises, with over 300,000 cross-border trade companies on-chain, a trade volume reaching trillions of yuan, and hundreds of billions of on-chain invoices circulated.

For quantitative finance practitioners and underlying technology researchers, this is not merely a piece of government news; it signifies that the world's largest scale trusted distributed ledger technology (DLT) network has completed the paradigm shift from "software-driven" to "chip-level hardcore-driven." I will delve into these macro data to analyze the underlying logic of this technological breakthrough and its real application in trillion-level financial and trade scenarios.

Before discussing applications, we must clarify a technical pain point: Why does blockchain need dedicated acceleration chips?

Whether it's Hyperledger Fabric or Ethereum Virtual Machine (EVM)-based consortium chain variants, traditional blockchain system nodes run on general-purpose processors (CPU, such as x86 or ARM architecture). However, the core mechanisms of blockchain—including asymmetric cryptographic signature verification (such as ECDSA, national encryption SM2), hash computation (such as SHA-256, national encryption SM3), frequent network communication of consensus algorithms, and I/O read/write of state hash trees—are very unfriendly to general-purpose CPUs. In ultra-large scale high concurrency scenarios, the computing power of general CPUs is instantly consumed by massive cryptographic operations, leading to system throughput (TPS) hitting the ceiling and transaction delays surging.

The 96-core blockchain-specific acceleration chip developed by the Beijing Microchip team is essentially a "computing power reconstruction." In its chip architecture design, it discards the redundant instruction set of general computing and is custom designed at the ASIC (Application Specific Integrated Circuit) level specifically for the operational logic of distributed ledgers.

• Hardware Offloading of Cryptographic Primitives: This 96-core chip can offload high-frequency signature verification and hash operations from the main CPU and process them through high-concurrency hardware pipelines. This allows cryptographic tasks that originally took over 60% of node computing resources to be completed in microseconds.
• Integrated Soft and Hard Operating System: The "3 million lines of source code fully open-source" integrated operating system (an extension of the "Chang'an Chain" ecosystem) mentioned by Dong Jin indicates that this is not simply external hardware but involves deep optimization at the instruction set level, starting from the core of the operating system for this 96-core chip.
• 50-fold Performance Leap in Financial Significance: Under the background of traditional consortium chain TPS typically hovering between thousands and tens of thousands, a 50-fold performance improvement means that this network can comfortably handle peak TPS levels of hundreds of thousands to millions. This crosses the computing power threshold required for retail-level payment systems (like Visa and Mastercard's daily processing volume) and high-frequency trading, completely eliminating the risk of downtime or congestion for national-level networks facing "Double Eleven"-level high concurrency data.

Having this "Chinese chip" means that the "trusted digital infrastructure" we are building has achieved self-control at the most fundamental physical hardware level, completely isolating potential supply chain sanction risks and the hidden dangers of backdoors in underlying hardware.

Let’s look at how this "Chinese chip" penetrates data silos in government and enterprises: the "trust base" of 16 ministries and 27 central enterprises.

The ultimate goal of technological breakthroughs is to support complex business and social logics. Director Dong Jin pointed out that the system has been applied in 16 central ministries and 27 central enterprises. Behind this data is a "unification of underlying architecture" in the construction of digital government and the digital transformation of central enterprises. In past information construction, due to the lack of a reliable data sharing mechanism, entrenched "data silos" were formed among ministries and central enterprises. For example, data from customs, taxation, industry and commerce, and foreign exchange administration are each stored in centralized databases, requiring extremely high trust and reconciliation costs to connect.

Leveraging the high-performance blockchain network powered by the 96-core acceleration chip, national-level government affairs and central enterprise chain networks have achieved the following key reconstruction: In applications of 16 ministries, high-concurrency blockchain combined with privacy computing (such as Multi-Party Computation (MPC), Zero-Knowledge Proofs (ZKP)) has realized "data available but not visible." Various ministries can complete identity verification, credit penetration, and joint risk control without disclosing the original sensitive data. High-speed chips ensure that the ZKP generation and verification processes, which are originally extremely complex, can be completed within milliseconds.

The upstream and downstream industrial chains of the 27 central enterprises are extremely vast, covering core lifelines such as energy, communications, military industry, and infrastructure. In traditional supply chain finance, the credit of core enterprises often can only be transmitted to first-level suppliers. Through the high-performance blockchain foundation, accounts receivable of core enterprises are transformed into on-chain, splitable, and transferable digital vouchers. High throughput ensures that a massive number of N-level suppliers can complete rights confirmation and financing in real-time, greatly activating the stagnant capital of the real economy.

If the ministries and central enterprises are the "internal circulation" of this infrastructure, then cross-border trade and global payments, aimed at the world, are the "external circulation" and main battleground of this digital Great Wall powered by the "Chinese chip." This is the area where this technological achievement is explosively applicable and most closely monitored by the financial sector.

Dong Jin disclosed two astonishing quantitative indicators: over 300,000 companies engaged in cross-border trade on-chain, with a trade volume reaching trillions of yuan; and invoices amounting to hundreds of billions. This indicates that China has established the largest-scale real-world asset (RWA) and international trade digital settlement applications in the world.

"Every year, hundreds of billions of invoices run on self-owned blockchains," which is an extremely shocking high-concurrency scenario. Invoices are the blood of economic activity; traditional paper-based or centralized electronic invoices face systemic risks such as tax fraud, repeated reimbursements, and even the risk of using the same invoice to defraud loans from different banks. The generation, circulation, and cancellation of hundreds of billions of invoices pose an extremely harsh I/O and consensus test for the underlying network. The 50-fold performance leap provided by the 96-core chip means that from the moment each invoice is issued, its hash value and circulation status are broadcast and anchored in an immutable ledger in real-time. For commercial banks, this means that the invoice data provided by enterprises has absolute authenticity, allowing banks to develop fully automated "instant approval and instant loans" products, greatly reducing financing costs for small and micro enterprises and banks' bad debt rates.

Cross-border trade is a typical complex scenario involving multiple parties in a game without mutual trust. A standard international trade transaction involves several nodes, including exporters, importers, both parties' banks, customs, taxation, logistics companies, and insurance firms. In the traditional model, key documents like the bill of lading (B/L) mainly rely on paper mailing, and the letter of credit (L/C) review is extremely complicated, with funds taking weeks to turn around.

Currently, over 300,000 enterprises are connected to this national-level blockchain network, carrying trade volumes reaching trillions of yuan. Its application logic lies in: core logistics and customs data such as customs declarations, bills of lading, and certificates of origin are fed onto the chain in real-time through oracles. When the on-chain status shows that goods have cleared customs at the destination port and all inspection data is correct, the smart contract deployed on the chain will automatically trigger payment instructions. Previously, only large enterprises could bear the high financial friction costs of cross-border trade. Now, highly transparent and real-time on-chain data allows small and micro-export enterprises to obtain pre-shipment financing or order financing based on logistics status.

Aiming for the upcoming "15th Five-Year Plan," the strategic positioning of this technological achievement has already exceeded the pure IT category. Dong Jin described the determination to focus tightly on major national strategic needs for technical breakthroughs as "biting down hard on the green mountain and not letting go." From lines of open-source code to the 96-core silicon chip, and to the hundreds of billions of invoices and trillions of cross-border trade data surging, the "Chinese chip" developed by Beijing Microchip and its integrated operating system showcase the astonishing industrial explosive potential that blockchain technology can unleash after discarding pure token speculation.

For finance professionals, this means that the traditional arbitrage space based on information asymmetry will be drastically compressed, while new quantitative models and credit products based on trusted data, smart contract execution, and on-chain asset circulation will welcome a vast blue ocean. The country's digital foundation has been laid, and a trillion-level real-world asset migration driven by computing power leaps has just begun.

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