The socialist state of China is poised to take the lead. The extensive blockchain roadmap of the world’s second-largest economy seeks to control the development of the nascent technology as evidenced by the strong backing of the country’s leader President Xi Jinping which has further bolstered the growth of blockchain capabilities in China.
Jinping’s speech stating that China “needs to seize the opportunity” could potentially be heralded as one of the first instances of a major world leader backing the technology. This was followed by several provinces in the country setting up blockchain pilot zones which translated into an increase in the number of blockchain-based companies shortly thereafter.
This was evidenced by the latest data from LongHash’s live charts, which revealed that the number of blockchain firms in China has been steadily rising. There are now 30,719 legally registered and operating blockchain companies in the country. A rise of a little over 10% was noted in the last five months when these figures stood at 27,694. Additionally, there were nearly 91,906 legally registered blockchain companies.
Guangdong, the coastal province of southeast China recorded the highest numbers of blockchain companies with 26,244. A rise of 10% was noted since April of this year when the figures stood at 23,786. Provinces such as Yunan, Guangxi, Guizhou also noted a significant uptick in the number of blockchain firms.
2020 saw the third-largest growth in blockchain firms. But with the fast pace at which the companies are being formed, thanks to various state-sanctioned initiatives, this year could overtake the previous figures.
The country’s roadmaps were significantly pushed by the state-backed Blockchain-based Service Network [BSN] a critical factor to the country’s blockchain ecosystem. The nation-wide blockchain project had previously integrated with six public chains – Tezos, NEO, Nervos, EOS, IRISnet, and Ethereum. It recently entered into a partnership with another blockchain-powered platform called ‘ShareRing’ which is crucial primarily because it encouraged global players into the otherwise exclusive ecosystem.
Additionally, BSN was also planning to make 24 public chains available in its network for the Chinese users starting from mid-November this year.