Blockchain companies in China are on a rise as per a report from ‘China Electronic Information Industry Development’ (CCID). Currently, more than 700 blockchain companies in China are powering a silent revolution. The report released on the 24th of October by Central Committee of the Political Bureau of the Communist Party of China mentions that out of 700 blockchain firms, 34 are banking institutions, and 83 are related to research.
These are huge numbers by any standard and represent the growing interest of Chinese investors in the crypto industry. In the past few years, China has undertaken an aggressive yet regulated blockchain development. The domestic industry has catered to more than 500 financing and investment events in the past few years alone.
How blockchain companies in China are leading a revolution
Chinese authorities are also actively taking part in the silent blockchain revolution that is sweeping the Communist regime. In 2019 alone, around 12 policies related to blockchain have been issued by the Chinese state authorities.
Major policies include the blockchain regulations for firms operating in the country (by the Cyberspace Administration of China), anti-anonymity rules, and municipal level blockchain guidelines. Every major city, including Shanghai, Guangzhou, and Beijing, implemented these policies well.
The report by CCID further mentions that innovation in blockchain is reaching new heights with digital giants, research institutions, and financial firms all playing their roles. The realm is sure going to witness aggressive development. In the first six months of 2019, around 3,547 blockchain-related patents were filed, which far exceed last year’s 2,435 patent applications.
A dearth of third-party audits and Dapps
As per CCID’s ‘Blockchain Research Institute,’ the country launched 151 blockchain apps. These catered to various fields, including medical, finance, intellectual property, e-governance and more. Still, there are many areas where deficiency has been observed. Killer apps with marge scale following and mass-application are some drawbacks of these apps. Without such innovation, the 700 blockchain companies in China won’t scale new heights.
However, the call to adopt blockchain by President Xi Jinping can prove to be a game-changer. Xi wants the people to power blockchain development that delivers industrial transformation. His announcement has proved positive for China’s blockchain firms, which rallied close to 10 percent in a single day.