China has once again proved its potential for excellence. Now, it is the blockchain industry that the nation is boasting of recently. China has always wanted to be amongst the powerful nations when it comes to bolstering the blockchain industry. The year 2018, marked the turning point for the nation when the blockchain industry began gearing up at a steady pace. Finally, China has managed to achieve what the nation aimed at. A data released revealing the status of the blockchain industry stated that around 26K+ blockchain-based companies are operating in China and about 80K plus companies legally registered.
As per the recent reports released by CID or the Center for Information and Industry Development [CID], there are around 33K registered blockchain firms as on December 2019. Out of which, 57% are blockchain-based startup firms, 23% are blockchain projects, and the remaining 12% are financial institutions dealing with blockchain business.
Guangdong, a coastal province in the southeastern part of the nation, tops the list with nearly around 22,636 registered companies, followed by Yunnan and Guangxi with 5,300 and 5000 blockchain-based firms, respectively.
In 2020, around 700 blockchain-based companies in China began operations. The famous Chinese tech platform “Baidu” stole the limelight by launching “Xuperchain,” a blockchain network to help small and medium-sized industries come up with their own decentralized apps called DApps. Again, Alibaba also announced to unveil its blockchain network plans in February.