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Business organizations of various industries are looking for ways to utilize blockchain technology in their respective industries efficiently and effectively. As a result, a number of pilot projects have been launched either as a joint venture of a government entity and private FinTech firm or as an individual’s practice to provide better services with the help of blockchain technology.
The governments of several countries are not holding back in their efforts to find the use cases of blockchain in financial services, public services, healthcare, supply chains, smart manufacturing, and logistics. In the battle of countries having a greater number of functional blockchain projects, China leads the world with 263 active projects as of November last year, China.org.cn reported. According to data service provider Blockdata in Beijing, the 263 active Chinese projects count for 25% of all blockchain projects globally.
Relating to the key characteristic of blockchain – decentralization – the chief editor of Blockdata, Zhang Feixue said:
“It can serve the real economy in terms of circulation and distribution. In the field of industrial economy, blockchain allows various assets to flow in the digital world, so it is a real gateway to digitalization for industries.”
According to Deloitte’s 2018 global blockchain survey, China is the world leader in blockchain adoption. The survey revealed that only 14% of U.S. respondents said that they have been using blockchain tech compared to 50% respondents of China.
This isn’t all. China has also registered the highest number of blockchain patents with 790, leaving the U.S. a little behind with 762 blockchain patents. With 90 blockchain-related patents, Alibaba is ranked top in the list of top 100 blockchain enterprise patent rankings, followed by American tech giant IBM with 89 patents. Tencent and Baidu are ranked 8th with 40 patents and 40th with 20 patents respectively.
Chinese internet giants Baidu, Alibaba and Tencent, combined known as BAT, have also their own blockchain projects launched in fields of public welfare, food, and healthcare
Moreover, Beijing think tank EO Intelligence, reported in December last year that there are 615 blockchain companies in China and 82% of them were established between 2016-18. Nearly half of these companies are working on the development of the financial industry-specific blockchain technology.
China has already banned initial coin offerings (ICOs) and cryptocurrencies to a certain extent, therefore it is surprising that China is cultivating blockchain technology. Even Chinese president Xi Jinping endorsed blockchain tech by echoing the popular “blockchain, not Bitcoin” argument last year.