China Leads Globe in Blockchain Development

April 19, 2019

China is reportedly leading the world with the highest number of blockchain-related projects currently underway, with 263 such projects accounting for a quarter of the global total, reported by Cointelegraph.

According to Li Qilei, Chief Technology Officer at blockchain platform developer Qulian Technology, the financial sector has been the bigger user of the technology, specifically in asset securitization for brokers and banks.

Chris Church, Chief Business Development Officer for New York-based company Digital Asset, underscored the importance of doing business in and around China, as the company started work with Hong Kong Exchanges and Clearing (HKEX). He was also quoted as saying that one of the reasons HKEX is so important to his firm is because it serves as “a gateway to the mainland’s stock market.”

In 2018, the World Intellectual Property Organization (WIPO) said most blockchain-related patent filings came from China, with data collected by Thomson Reuters from the U.N. patent agency showing more than half of the 406 patents from 2017 came from China at 225, followed by 91 from the United States and 13 from Australia.

In March, China Shipbuilding Industry Company Ltd. — a subsidiary of shipping giant China Shipbuilding Industry Corporation — inked a deal with Shanghai Bank, under which it will study how to implement blockchain technology in financing upstream suppliers.

More recently, a multi-year project known as the “Implementation Plan for the Promotion of Transportation Infrastructure Development” was revealed in China’s Jiangsu Province, with the aim of updating both passenger and freight networks to improve efficiency and reduce pollution.

As outlined in the plan, blockchain will be one of the technologies used by local authorities to leverage an overhaul of local transport infrastructure.


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