China Strengthens Leadership in Blockchain Development

According to the Whitepaper 2022 Blockchain report published by the China Academy for Information and Communications Technology (CAICT), about 1,400 different blockchain companies are operating in the country. The report indicates that around 52% of all blockchain firms are located in China and the United States.

CAICT representatives also said blockchain technology was a priority area for the country’s future development. For example, over 48 post-secondary institutions in China introduced “blockchain engineering” degrees into their curricula in 2022. Besides, the Japanese government is interested in training skilled personnel for digital transformation and is opening specialized courses at universities.

The report indicates that there are several promising areas for blockchain technology development in the PRC right now:

“Settlement chains.” The technology will allow large Chinese firms such as China Mobile and China Unicom to provide transparent data on telecom fees.

Logistics. Blockchain technology will enable Chinese consumers to verify the source of products entering the market by scanning QR codes.

International economic relations. Using cross-border payment platforms such as Trusple can help local buyers and sellers get proper information about their foreign counterparties.

Financial sector regulation. Various blockchain-based monitoring platforms can help financial regulators quickly identify irregularities between various exchanges.

Recall that China has the potential to become a leader in blockchain development. The country accounts for 84% of the world’s blockchain technology patent applications. In November 2022, the Chinese government announced ambitious plans to become a leader in VR technology. Moreover, China recently made another step to create a domestic NFT market by announcing the China Digital Asset Trading Platform, expected to be officially launched on January 1, 2023.