The China Electronic Information Development (CCID) made an announcement on the 27th of October stating that the number of blockchain corporations in China is over 700.
A survey carried out by the Committee of the Political Bureau of the Communist Party of China on the 24th of October has shown that amongst the aforesaid 700 blockchain corporations, 83 are research institutes and 34 are financial institutes. Also, about 500 investment events have occurred in the Chinese blockchain sector. The results also show that 12 blockchain agreements have been issued in the country over the first half of the year.
At the beginning of the year, the Cyberspace Administration of China installed some guiding rules, like anti-anonymity rules, for blockchain corporations conducting business in the country. The statement also mentioned some blockchain initiatives at the municipal level.
The CCID has said that the degree of innovation in the sector is at a healthy level. The organization divulged that the number of blockchain patents in China since the beginning of the year is 3,546, and the total patents filed in 2018 was over 2,450.
According to the research arm of the CCID, China has published about 150 blockchain application cases so far this year. The applications are related to 28 areas including finance, medicine, e-government, intellectual property protection and a host of others. However, the organization has said that the applications are still not what it should be.
The CCID is a governing body in China that is vested with the duty of promoting the advancement of information sectors in the country. This body reports directly to the Ministry of Industry and Information Technology.
What China’s President Had to Say on Blockchain
The Chinese President, Xi Jinping has expressed his desire for the country to foster the spirit of adopting blockchain-related technologies to increase innovation and transformation in the country. In an interview with Politburo, Xi said that the Chinese must begin to see blockchain as a crucial factor for innovation of technologies, sharpen their directions, boost their investment, concentrate on fundamental technologies and improve blockchain development and innovation.
Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.