The world economy has been slowly cozying up to blockchain technology and cryptocurrencies, with many powerful countries jumping onto the bandwagon. Latest reports suggest that China, after being opposed to crypto for a long time, is actually leading the world with respect to new blockchain projects. The report said that China had 263 blockchain projects in the works by November 2018, with many more in the pipeline.
China’s figures in terms of blockchain projects accounted for almost 25 percent of the total number of projects worldwide. The figures were divulged by Blockdata, a data service provider in Beijing. Zhang Feixue, the Chief Editor at Blockdata said,
“The main strength of blockchain is in decentralized data management. 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.”
Companies in China have been at the forefront of developments in the blockchain and cryptocurrency world, with companies like Alibaba, Baidu, and Tencent, all dipping their toes into the world of digital assets. Paul Sin, the leader of the Asia Pacific Blockchain Lab at Deloitte noted,
“Whenever there is a need to synchronize data, especially sensitive information, across companies, industries and geographical boundaries, blockchain can offer a great solution due to its cryptographical protection of data.”
This is not the first time that China has led the world in terms of blockchain projects. According to previous reports, more than half of all blockchain patent applications in 2017 came from China. The Xi Jinping-led country was also in the news after data from Coinlib showed that there was a massive influx of Chinese Yuan into Bitcoin.
There were reportedly investments worth $166.49 million into Bitcoin, while $75 million investments were made into Ethereum.
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