The China-blockchain relationship has continued to grow stronger even surpassing blockchain developments in the US. Although crypto trading stems from the US, China has far more patents that the world’s largest economy. However, unlike the US, China has stripped cryptocurrencies out of the mix.
Blockchain China Overview–Patents
Currently, China accounts for over 20 percent of all blockchain projects in the world. Reports show that China is home to 263 blockchain-based projects. The country’s financial industry is the most substantial investor in blockchain systems. In 2018, patents filed with the World Intellectual Property Organization indicated that China had filed more blockchain related patents than the United States.
Notably, the blockchain China relationship has been ramping up momentum over the years. For instance, in 2017, China filed 255 patents related to blockchain technology while the US filed 91 followed by Australia with 13.
Government Blockchain Adoption
The Chinese government is at the center of the robust blockchain China connection. The country’s president, Xi Jinping, has been on the forefront to advocate for mass adoption and usage of blockchain technology.
Below are a few examples
- Nanjing City’s $1 Billion Blockchain Fund
In mid-2018, Nanjing, a Chinese city, set aside 1.4 billion US dollars to encourage the development of blockchain projects in the city. The fund was supported by both the city’s government and private investors.
30 percent of the fund was marked for blockchain startups that are on their early stages of development, and 40 percent would be used to fund industrial firms targeting to use blockchain technology in their operations.
- Hangzhou tightens the blockchain bond
Hangzhou is another city in China which has great appetite in furthering the use of blockchain in China. As with Nanjing, Hangzhou also launched a fund dedicated to blockchain technology. The city stands out in the country since it’s known to be pro-innovation. It is also home to Alibaba, among other major companies. The city’s government will contribute 400 million US dollars which account for roughly 30 percent of the fund.
- Shenzhen Isn’t Slowing Down
Another key city in China, Shenzhen, followed the footsteps of Hangzhou and Nanjing to launch a blockchain-focused fund. As with the other two cities, both the city’s government and private sector have a hand in the fund. However, the management of Shenzhen’s fund is in the hands of investment companies owned by the city’s government.
- Blockchain and the PBOC
The Peoples’ Bank of China (PBoC), China’s central bank, is also at the heart of the blockchain revolution in the country. In the last quarter of 2018, the bank was recruiting legal and technology experts in blockchain technology. Although it was reported that it is developing its own virtual currency, the hype around the development has since died down.
However, that did not hinder the Chinese central bank from exploring blockchain usage. PBoC was involved in the launch of the Guangdong-Hong Kong-Macao Great Area Trade Finance Blockchain platform.
In conclusion, blockchain experts in China have praised the stable relationship saying:
“ Blockchain is a quite advanced technology which has been adopted by many countries. So, China will definitely not lag behind. Blockchain technology could also ensure a more efficient and safe information-sharing system, and it is expected to reduce the financing costs for micro to medium-sized enterprises.”
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