China in global leadership with over 1,400 blockchain firms: report
China has grabbed headlines globally for its crackdown on digital assets, block reward mining, ICOs and even a partial crackdown on NFTs. However, according to a new report, the country is a global leader in the development of blockchain technology and is home to over 1,400 blockchain companies.
In a document titled “2022 Blockchain Whitepaper,” the state-owned China Academy for Information and Communications Technology (CAICT) revealed that mainland China is home to over 1,400 companies developing blockchain solutions. This makes the country one of the world’s largest blockchain hubs. According to the report, China and the US account for over 50% of all blockchain companies globally.
China has also been named a leader in blockchain education, a key principle that has contributed to the growth of the industry in the country. CAICT’s report states that at least 48 higher education institutions in the country offer some form of blockchain-related course.
Xi Jinping’s government has continued to support blockchain development in China, despite its hostility to Bitcoin. Jinping has previously called for China to take the lead in blockchain adoption.
This is despite the country banning block reward mining in 2021 and the government’s continued crackdown on the industry since then. It banned ICOs years ago and warned the public against investing in the metaverse.
China has also been hostile to NFTs, most of which trade for digital assets. This has forced most Chinese companies to use the not-so-aggressive “digital collectibles” to describe NFTs for months. However, a court in Hangzhou recently ruled that NFTs are online virtual property that must be protected by Chinese law.
CAICT’s report indicated that there are four main blockchain developments that could benefit China the most. These include telecom companies whose fee structure can benefit from the blockchain’s transparency; consumers who can scan their food to find its source; cross-border payments where counterparty due diligence would be easier; and regulators that can easily detect irregularities between different exchanges.
See: BSV Global Blockchain Convention presentation, Blockchain for Data Integrity & Business Process Management
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