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China’s blockchain rush: over 26k firms operating, nearly 80k registered

Chayanika Deka

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Source: Unsplash

China’s blockchain initiatives have extended the country’s ambition of becoming a superpower in the near future. Complementing this statement is the latest stats on the number of blockchain-driven companies in the country.

According to the latest LongHash data, there are more than 26,000 blockchain companies operating and nearly 80,000 are legally registered firms in China.

Guangdong, a coastal province of southeast China has the highest number of blockchain firms. It boasts a total of 22,636 companies that are registered and operating. Interestingly, the government of Guangdong province had recently launched a blockchain-based financing platform.

Next in the line was Yunnan with over 5,300 blockchain firms, followed by Guangxi with over 5,000 registered and operating firms.

Notably, it wasn’t until 2018, that the figures on blockchain platforms in the country started picking up pace.

Source: LongHash | Blockchain Companies Founded [Only “registered” and “operating” companies are included]

According to LongHash’s chart, 19,073 blockchain-powered companies were founded in the year 2018. Despite the Chinese President’s Xi Jinping’s blockchain endorsement, the numbers dropped in 2019 to 14,013. In 2020, over 700 blockchain-based firms have started operations.

Besides, China’s Google-equivalent, Baidu became one of the first major tech platforms to launch its public beta blockchain network. The Chinese Internet giant rolled out an open-network blockchain called ‘Xuperchain‘ in a bid to enable small and medium-sized businesses to issue their own decentralized apps [DApps].

Alibaba’s Ant Financial, formerly known as Alipay, had earlier revealed plans to unveil its consortium blockchain network around February this year.

More recently, the blockchain research institute of the Center for Information and Industry Development [CID], under the Ministry of Industry and Information Technology revealed that there were 33,000 registered blockchain companies as of December. Out of which, 57% of companies are blockchain-centric startups, 23% are internet companies with blockchain projects, and 12% are financial institutions with blockchain business.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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