More Than 26,000 Blockchain Companies Are Operating in China

News / 27.01.2020

China continues to put in more efforts to implement its blockchain initiatives as it now wants to become a superpower ahead. The recent stats provided by LongHash complement this statement.

Data provided by LongHash says there are over 26,000 blockchain firms operating in the country and close to 80,000 are legally registered companies.

The majority of the blockchain companies are in Guangdong province of the country. There are 22,636 registered and operating firms in the province. In recent times, the government of Guangdong province introduced a financing platform based on blockchain.

There are more than 5,300 and 5,000 registered and operating blockchain companies in Yunnan and Guangxi provinces, respectively.

The number of blockchain platforms in China started increasing in 2018. The chart provided by LongHash says 19,073 firms powered via blockchain were established in 2018. The numbers were reduced to 14,013 last year following the endorsement of the country’s president. In 2020, more than 700 companies based on blockchain have started operations.

Besides, the blockchain research institute of the Center for Information and Industry Development [CID] of the country revealed the existence of 33,000 registered blockchain firms as of last month. Fifty-seven (57) percent of the firms are blockchain-centric startups, 23 percent of them are internet firms with blockchain projects, and 12 percent are financial institutions with blockchain business.

Baidu was one of the pioneer leading technology platforms to release its public beta blockchain network. Baidu released an open-network blockchain known as ‘Xuperchain’ towards equipping small and medium-sized businesses to release decentralized apps (DApps). Alipay earlier noted its plans to release its consortium blockchain network in February 2020.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.