China has 1,400 Firms Operating in Blockchain Industry

China and US accumulatively represent a 52% global market share in terms of blockchain enterprises: more than 1,400 blockchain firms are currently based in mainland China

China Blockchain

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The state-owned China Academy for Information and Communications Technology (CAICT) published a “2022 Blockchain Whitepaper” report, disclosing the role of blockchain enterprises in the country.

According to the report, over 1,400 blockchain firms are currently operating in mainland China. Besides, around 48 post-secondary institutions across the country have introduced “blockchain engineering” related degrees and certifications.

Along with the US, China occupies one of the leading market shares in terms of global blockchain enterprises. Accumulatively, the market presence of the two countries constitutes more than half of the global blockchain-related businesses.

Additionally, CAICT identified four types of blockchain technologies with high application potential:

  • “settlement chains” would allow transparent publication of telecom fees;
  • Zhejiang Cold Chains would enable consumers to verify the source of the products they buy;
  • Trusple cross-border payments platform would help buyers and merchants track on their counterparties;
  • blockchain monitoring platforms could help financial regulators inspect the activity of different exchanges.

At the moment, China allows ownership of cryptocurrencies and NFTs. However, the country has banned ICOs along with digital exchanges and cryptocurrency mining.

Moreover, the country has recently announced it would launch the first national platform for the secondary exchange of non-fungible tokens (NFT) on Jan. 1, 2023.

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