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Has China Shifted Focus from Mining to Blockchain?

China leads globally in terms of number of existing blockchain projects. What does this say about the country which already dominates in Bitcoin mining?

Despite the bearish crypto market, China continues to be the global leader in Bitcoin mining. But it appears that the Asian powerhouse is eager to unlock another achievement. This time by branching out to blockchain projects.

China is now the top country in terms of blockchain projects. It has 263 blockchain-related projects underway as of November 2018, according to reports. This number, based on a Blockdata report, constitutes for 25 percent of the total number of blockchain projects in the world.

Zhang Feixue, Chief Editor at Blockdata, was quoted:

“The main strength of blockchain is in decentralized data management. It can serve the real economy in terms of circulation and distribution. In the field of industrial economy, blockchain allows various assets to flow in the digital world, so it is a real gateway to digitalization for industries.”

Blockchain adoption has never been slow in China as almost 50 percent of respondents in China for a 2018 global blockchain survey conducted by Deloitte said their organization uses blockchain. Meanwhile, US-based respondents who said the same constituted to only 14 percent.

The said technology is widely used in banks’ and brokers’ asset securitization among other in the financial industry, said Li Qilei, Chief Technology Officer at Qulian Technology.

In fact, Hong Kong Exchanges and Clearing is working with Digital Asset, a distributed ledger technology provider, to create a blockchain-powered program for trading Chinese mainland shares via the Stock Connect system of Hong Kong.

Despite the large number of blockchain projects, however, no project is yet to be used in China in a large scale, according to Kang Li.

Kang, who is a the assistant director at the Blockchain Research Center of China at Southwestern University of Finance and Economics in Chengdu, Sichuan province, said:

“The industry is still in a blossoming phase where more and more companies can come up with all kinds of chains, but they don’t have an explicit idea of application service or supporting content.”

Meanwhile, World Intellectual Property Organization (WIPO) revealed last year that China had filed more than half of the total 406 patents in 2017. China filed 225 blockchain patents, ahead of United States’ 91 and Australia’s 13.

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