Firms Using Blockchain Tech in China Reach 33K

Blockchain technology is widely used in China, thanks to President Xi Jinping’s support to the technology, website reported citing the data published by the country’s CCID.

The number of companies using blockchain technologies reached 33,000 until the end of 2019, the data unveiled by China Blockchain Enterprise Development Research showed.

Blockchain-centric startups represent almost 57% of the total number, publicly-traded companies (28%), internet companies with blockchain business (23%), and financial institutions with blockchain projects (12%), according to the report.

More than 50% of these companies had 1 million yuan ($143,426) in capital at the time of establishment and registration.

The Center for Information and Industry Development (CCID) stated, “The conference deeply analyzed the development status of the blockchain industry, focused on displaying the latest professional technical achievements and excellent solutions in the blockchain field.”

Xi Jinping, general secretary of the Communist Party of China Central Committee, stressed the importance of industrial innovation and blockchain technology.

Charles Liu, CEO of Shenzhen MobiusHacker Raspberrypi, said Xi’s statement reflects the country’s efforts to boost technological innovation.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.