Report: Over 1,400 Chinese companies are active in the blockchain sector

The Chinese government has incorporated blockchain technology into official state development policy despite partial crypto restrictions.

The latest findings

The government-owned China Academy released a report titled "2022 Blockchain Whitepaper" (1) for Information and Communications Technology (CAICT) on December 29. The document claims that mainland China is home to more than 1,400 blockchain companies at this time. When it comes to worldwide blockchain firms, the two nations represent a 52% market share together. The CAICT also revealed that some 48 postsecondary schools in China have started offering degrees and certificates linked to "blockchain engineering." Four different sorts of blockchain technology with lots of possible applications were covered in the report by the institution.

In the beginning, "settlement chains" would permit the transparent disclosure of telecom fees, For businesses like China Unicom and China Mobile. Second, the Zhejiang Cold Chains will allow customers to scan the QR codes on the product packaging to confirm the food's origin. Third, buyers and sellers may get information about their counterparties using the Triple cross-border payments platform (2). Finally, tools for blockchain monitoring can assist financial authorities in identifying order discrepancies between various exchanges. For their activities, major Chinese digital giants Tencent, Ant Financial, Huawei, and Alibaba have all formed "blockchain partnerships" in recent years.

China's stance on blockchain

Currently, ownership of cryptocurrencies and nonfungible tokens, or NFTs, is permitted in China, and the legal system safeguards their legality. However, the nation has outlawed digital exchanges, initial coin offerings, and cryptocurrency mining. Despite some hiccups, the Chinese government puts blockchain technology on its official national agenda. In October, the People's Republic of China's State Council said it would prioritize "cloud computing, blockchain, and AI" to enhance data management and public services. Chinese officials declared on December 28 that a national exchange for the trade of NFTs and copyrights for digital assets would debut on January 1.