More than 700 blockchain companies operate in China today

According to a study by the Institute of IT Technology of China, there are more than 700 companies focused on blockchain and cryptocurrencies in the country. Most of them are related to mining and cryptocurrency investments.

We are used to thinking that China is the undisputed leader in the digital currency industry. But in practice, it is rather difficult to count the number of operating organizations. China has 12 regulations that restrict the possibilities of blockchain startups.

Based on company reports, the Chinese center CCID Group has calculated the total number of firms operating in this area. In addition to the many registered mining farms and related businesses, the report revealed the following:

    out of 700 represented 83 companies are research institutes;
    34 - banking sector organizations.

Moreover, up to 500 firms studied are associated with finance and investments. In recent years, the Chinese government has been stimulating the cryptocurrency industry and trying to strengthen its global leadership in this market. So, in 2018, 2,435 patents for blockchain technologies were registered in the PRC. Moreover, in the first half of 2019 alone, their number exceeded 3540.

The municipal authorities of the largest cities in China have launched a program for introducing blockchain technologies into the structures of government and bureaucracy. Today, the government uses more than 151 services. According to experts, in 10-15 years the blockchain will be integrated into all spheres of the Chinese economy.