China Is Opening Doors to Blockchain

The first blockchain industrial park was opened in Shanghai's Baoshan District in November 2016 with the goal of not only developing blockchain technology for government-related work, but also for connecting the technology with finance, insurance, real estate, intellectual property and other industries.

With this amount of investment and distributed "Playgrounds" to explore the country's future with blockchain technology, it is natural that China is aiming to become a leader in the blockchain space.

Over the past couple of years, Chinese businesses have led the way in blockchain patent applications worldwide, with total patent applications from the country exceeding 6,000.

Among the tech triumvirate, collectively known as BAT, this figure is even higher, with Alibaba holding 534 patents alone, and many other organizations establishing blockchain departments focusing on "Blockchain-as-a-service." Other large commercial players like China Merchant Bank have partnerships with blockchain companies such as Cryptape.

China has always opposed perceived abuse of blockchain technology.

As a result, China might be the country with the most consortium chains and permissioned blockchains.

Active secondary marketThe secondary market in blockchain technology grew rapidly due to several reasons.

While most of the supported blockchain projects are permissioned for the time being, with public blockchains and their ecosystems still considered sensitive, the Chinese government has realized that public chains are crucial due to their decentralized nature - a fundamental value of blockchain technology.

Although centralized governance is a contradictory value in the eyes of blockchain enthusiasts, it will take time for the major global players to transition into large-scale decentralized finance.

In addition to the research and development of Conflux protocol, Conflux Foundation is committed to integrating blockchain technology into real-world scenarios with strategic partners and developing decentralized applications with mass adoption.