China Experiences Rich Blockchain Technology With Over 4k Company Start-ups In 2020
China Blockchain Start-ups 2020
People’s republic of China president, Xi Jinping, made major headlines around October last year when he affirmed his disapproval for cryptocurrencies while backing the blockchain network to succeed. He was quoted as saying “We must take the blockchain as an important breakthrough for independent innovation of core technologies. We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”
With this new development, blockchain has not seen an increase since the president’s support for the network. However, the figure is still staggeringly low with 27,694 legally registered companies operating on the blockchain technology as of now. Reportedly, LongHash released a live chart data which showed that Guangdong, which is located on the Southeast coast of China remains the location of the highest blockchain companies. The province experienced a 5% increase which moved the total number of blockchain companies in the area to 23,786.
Notably, other provinces have experienced a little but significant rise in the numbers of blockchain companies except Yunan province. Yunan province which had over 5,300 blockchain companies have experienced a slight reduction with the number of blockchain companies now 5,277. Interestingly, the number of new companies that sprang up in the area in 2020 is now 4069 with the total number as at the beginning of the year a meagre 700.
China’s productive blockchain initiative was further encouraged with the emergence of Blockchain-based Services Network (BSN) that was established on April 25. Admittedly, China has a blockchain think tank State Information Center (SIC) which backed the usage of blockchain services across the whole country. This development was made possible jointly by state telecom giant China Mobile, the Chinese government-supported payment network, Unionpay and China big firm Red date company. This initiative was regarded as a crucial step in the right direction and as such, is an essential part of the Chinese government blockchain program only because it would provide some critical services across the country. Cross-network, cross-region and Cross-institutional services are some of the services it would provide for the population and the world as a whole.
Asides, big companies like Baidu, Alibaba, Tencent and JD are currently using their blockchain-driven technologies for their respective company applications. In this new light, Chinese financial institutions and banks are now planning to use blockchain-related services in sectors like trade financing, supply chain management, digital invoices and other applications across the country.
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