China Has Over 700 Blockchain Companies

October 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The China Information Technology Development Center (CCID) conducted a study according to which the country has more than 700 blockchain companies.

The report notes that 83 of the 700 blockchain companies in China are research institutes, and 34 are banks. In addition, in the first half of 2019, 12 different documents regulating the sphere of blockchain were issued in China, including a bill from the Chinese Cyberspace Administration (CAC).

Various blockchain initiatives have been proposed by the municipal authorities of Beijing, Shanghai and Guangzhou. In the first half of 2019, China launched the practical use of 151 blockchain-based solutions. Platforms and applications were launched in 28 different areas, including finance, medicine, supply chain tracking and intellectual property protection.

“At present, China’s blockchain industry applications still have problems such as large-scale application and promotion, lack of killer applications, and lack of authoritative third-party evaluation,” CCID researchers noted.

Recall that recently, President of the People’s Republic of China Xi Jinping called for “seize the opportunities” provided by blockchain technology in the country, calling the latest technology “the basis for transformations in industry, finance and other industries.”

According to Xi China has already laid solid foundations for improving the blockchain, so that it can “take the leading position in the emerging field of blockchain.”

Author: Marko Vidrih