National Whitepaper Shows More Than 14K Blockchain-Based Firms Operate in China

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The CAICT, an Academy in China known for collecting data on communication technology and information published a report on December 29.

The Academy has published a report named “2022 Blockchain Whitepaper” where it has provided information on blockchain projects in China.

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Over 1,400 Blockchain Firms Operating in China

The white paper report published by the CAICT has shown that as of now, more than 1,400 firms based on blockchain technology are operating in China.

China is among the countries where cryptocurrencies are entirely banned.

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Although cryptocurrencies had been banned in China since 2017, it wasn’t until May 2021 that the Chinese regulators imposed a blanket ban on the sector.

Therefore, it is quite significant and surprising to know that more than 1,400 blockchain projects are currently operating in China.

It goes to suggest that the country has been working tremendously in the adoption of blockchain technology.

It may not be like cryptocurrencies but it is gathering all the knowledge and prominence it needs in the blockchain sector.

Combined Force of China and the US

The only country that has almost the same number of projects for blockchains on its soil is the United States.

The combined number of blockchain projects being run in the US and China accounts for 52% of the overall blockchain projects being operated throughout the world.

There is no other country that can compare itself with the likes of the United States and China when it comes to homing blockchain projects.

Education Sector is Adopting the Blockchain Technology

Blockchain technology is being adopted by every major and minor industry. Even the education sector has grown fond of blockchain technology.

There are many educational institutions from around the world that are fond of adopting blockchain technology. Many institutions have even started teaching blockchain technology.

The educational sector in China is also doing the same for its youth. The data shows that 48 post-secondary institutions in the country have adopted blockchain technology.

They have started offering certifications and degrees for blockchain engineering. It is a fact that the blockchain technology is going to stay like the rest of the technological advancements.

The report also includes the four major applications that the institutions have been targeting when it comes to blockchain engineering.

The Four Major Applications

The report reveals that out of the four major applications, the first one is “blockchain monitoring platforms”.

The second one is the Trusple cross-border payments platform” and the third one is the “Zhejiang Col Chains”. The fourth and final one are “settlement chains” that the institutions are targeting.

China is among the countries that do not take time to adopt the technology. It is always among the group of countries that take the first initiative in adopting technologies with high potential.

By bringing blockchain technology to the educational system, it will ensure that the country is not dependent on international talent. Instead, it has certified and expert talent from within its soil.

The country wants to thrive tremendously with the adoption of blockchain technology. It is among the first countries to have launched its central bank digital currency (CBDC), the digital yuan (e-CNY).

On top of that, the country has also launched a hospital that works on blockchain technology for recording the keeping of patients.

Major companies such as Tencent, Alibaba, and Huawei are all working to gain prominence and knowledge in blockchain technology.

The country has gone all out in the adoption of blockchain technology while it has kicked out cryptocurrencies.

However, China was the country that had the highest mining power from 2009 until May 2021. The country is also targeting the NFT sector as it has recently launched its national NFT marketplace.

If the country keeps making progress in the same manner, even the US will fail to challenge its prowess in the particular industry.

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