Blockchain market booming in China with support of top internet companies

Recently, blockchain technology has seen an increase in its adoption in various industries as the industries are accepting the technology positively. The technology is being recognized across the globe warmly, especially in China. China’s president recently decided to spend $2 billion on the development of blockchain technology and has requested to boost the research for the technology.

Blockchain Technology acceptance by internet companies

China is known as the biggest hub for crypto mining and Bitcoin mining, with significant mining rig manufacturers belonging to China. In the past few months, the crypto and blockchain community has seen a sudden change of heart in China with the acceptance of both the assets.

The stats show that about 26 internet companies out of the leading 50 internet companies have accepted the blockchain technology. This makes about 52% of the market involved in the tech. This acceptance by the internet companies is helping in the promotion of the application and development of blockchain technology. ByteDance and Meituan are two internet companies from the top 10 internet companies that have not made blockchain a part of their system.

Saying yes to the tech

The companies that have given the blockchain tech a warm welcome are internet companies like Tencent, Alibaba, and Huawei. These companies, along with others, are related to the tech in some way or the other. The internet companies that have accepted the technology are part of the research field, or these companies are involved in the development of infrastructure and technology.

Social media platforms, crypto mining, and games are just some of the sectors that are majorly covered under the blockchain application. Several internet companies have also included fields like medicine, public welfare, and traceability. The high-tech companies are launching blockchain as it is slowly becoming the need of the hour for the companies.