Study Finds Over 700 Blockchain Enterprises in China

Asia Blockchain Review
November 6, 2019

A study conducted by the Blockchain Research Institute of the China Electronic Information Industry Development (CCID) has revealed that China is now home to over 700 blockchain companies, with more than 500 financing and investment events relating to blockchain having been organized.

A Jump in Blockchain Development

According to Cointelegraph, the CCID — a government organization under the Ministry of Industry and Information Technology that aims to drive the development of information industries in China — has released its study that demonstrates the country’s rapidly growing blockchain industry.

The CCID disclosed that during the first six months of this year, 3,547 blockchain patents were filed in China, indicating a surge compared to 2018, which saw 2,435 blockchain patents published over the course of the year. 

The blockchain movement is also supported by the government itself: in the first six months of 2019 alone, 12 blockchain policies were issued by the Chinese government, which offered more clarity for investors and developers in the industry.

Introducing Use Cases for Blockchain

Additionally, the CCID revealed that 151 blockchain use cases were reported in the first half of 2019, covering 28 areas including intellectual property protection, traceability, finance, e-government, and medical care. 

Meanwhile, President Xi Jinping has stated in an interview that blockchain development in China will drive innovation for many sectors.

“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation,” the Chinese leader said.


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