China Has 700+ Blockchain Companies, According to Industry Study

China has over 700 blockchain enterprises with over 500 related investments according to an announcement on Oct. 27 by China Electronic Information Industry Development (CCID).

Progressive Blockchain Development in China

A collective study conducted on Oct. 24 by the Central Committee of the Political Bureau of the Communist Party of China, the study includes 83 research institutions and 34 banks out of the 700 blockchain enterprises with over 500 investment and financing events that took place in the domestic blockchain industry.

Moreover, 12 blockchain policies have been issued by the state with various ministries and commissions since the first half of 2019.

The report also notes blockchain initiatives at the municipal level, such as those reported in Beijing, Shanghai, and Guangzhou at the end of last year.

The report says that the number of blockchain patents filed in China in the first half of 2019 was 3,547, while the total number of patents published in 2018 exceeded 2,435. Moreover, it notes that local innovation in the industry is good, with internet giants, startups research and financial institutions pushing for further development.  

Lack of Third Party Audits And Apps

CCID reveals that in the first half of 2019, China released 151 blockchain application cases. The applicants

The applications are relevant to 28 fields including finance, e-government, medical care, intellectual property protection, and traceability. The agency although notes that Chinese blockchain applications are still lacking in multiple ways:

“At present, China’s blockchain industry applications still have problems such as large-scale application and promotion, lack of killer applications, and lack of authoritative third-party evaluation.”

CCID is a Chinese governmental organization that reports directly to the Ministry of Industry and Information Technology and is tasked with assisting the development of information industries in China.

Source: ccidgroup.com | Image: Shutterstock

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