China has over 700 blockchain companies

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 launched in 28 different areas, including finance, medicine, supply chain tracking and intellectual property protection.

“At the moment, the blockchain industry in China is still facing significant challenges. We do not have advancement and large-scale use of blockchain platforms, and we also lack truly high-quality applications, ”CCID researchers noted.

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