The number of countries across the globe are racing towards the mass blockchain and cryptocurrency adoption, exploring the ways to utilizing distributed ledger technology and to harness its power for the country’s development. Today, the blockchain has become prevalent and industries such as financial & banking services, public services, healthcare and medical, supply chains and logistics, and manufacturing. In this race, the government of the several countries are either creating new regulation or modifying the existed regulations to help the startups and business to grow with blockchain adoption.
Looking at the number of such startups and pilot projects, China is leading the world with 263 active projects as of November last year, China.rog.cn reported which is 25% of total blockchain projects of the world.
Appreciating the key characteristic of blockchain – decentralization, chief editor at Blockdata, Zhang Feixue said that “It can serve the real economy in terms of circulation and distribution. In the field of industrial economy, blockchain allows various assets to flow in the digital world, so it is a real gateway to digitalization for industries.”
According to Deloitte’s 2018 global blockchain survey, China is the world leader in blockchain adoption. The survey revealed that only 14% of the respondents said that they have been using blockchain tech compared to 50% respondents of China. This isn’t all. According to Hard Fork, Blockchain, cryptocurrencies, and insider stories by TNW, China has also registered the highest number of blockchain patents leaving the US by 28 patents. With 90 blockchain-related patents, Alibaba is ranked top in the list of top 100 blockchain enterprise patent rankings, followed by American tech giant IBM with 89 patents. Tencent and Baidu are ranked 8th with 40 patents and 40th with 20 patents respectively, as reported by Beijing intellectual property information media outlet IPRdaily.
Chinese internet giants Baidu, Alibaba and Tencent, combinedly known as BAT, have also their own blockchain projects launched in fields of public welfare, food, and healthcare
Moreover, Beijing think tank EO Intelligence, in December last year reported that there are 615 blockchain companies in China and 82% of them were established between 2016-18. Nearly half of these companies are working on the development of the financial industry-specific blockchain technology.
China has already banned Initial Coin offerings or ICOs and cryptocurrencies to a certain extent but it is surprising that China is flourishing the blockchain technology. Even Chinese president Xi Jinping endorsed the blockchain tech by echoing the popular “blockchain, not Bitcoin” argument last year.