China Has 700+ Blockchain Companies, According to Industry Study

China Electronic Information Industry Development announced on Oct. 27 that there are over 700 blockchain enterprises in China, with over 500 relevant investments reported.

According to a collective study conducted on Oct. 24 by the Central Committee of the Political Bureau of the Communist Party of China, of the aforementioned 700 blockchain enterprises, 83 are research institutions and 34 are banks.

Over 500 investment and financing events took place in the domestic blockchain industry.

In January the Cyberspace Administration of China introduced regulations for blockchain firms operating in the country, including anti-anonymity rules.

The agency 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.Lack of killer apps and third-party audits.

According to the Blockchain Research Institute of CCID, China released 151 blockchain application cases in the first half of 2019.

"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."

Recently, Chinese President Xi called for the country to accelerate its adoption of blockchain technologies to drive innovation and industrial transformation.

"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."

Following Xi's proclamations, stocks in Chinese blockchain A-share firms maxed out to their 10% daily limit, while the number of searches for blockchain technology on WeChat soared.