Chinese Blockchain Revolution To See At least 10,000 New Firms Added

China is continuing to develop and grow in the Blockchain market. Its Blockchain growth in terms of new firms in 2020 has gone past its record in 2017. The government is supporting the growth, and with its support startups dedicated to developing decentralized ledger technology (DLT) are increasing in number with the country looking to dominate the emerging digital landscape.

A blockchain and crypto data accumulator LongHash tweeted that, “In the first 7 months of 2020, there are more than 10,000 newly established blockchain companies in China, more than the total number from all of 2017”.

In the first seven month of 2020, 10,075 blockchain-based companies sprung up, which is more than the total figure recorded in 2017. The figures from the LongHash depicted that at present 29,340 blockchain firms in operation out of 84,410 registered companies. 

The Guangdong Province in Southeast China, meanwhile, has recorded the highest number of these firms. It has around 25,371 while Yunnan Province in the southwest comes second with 5,174 companies.

These companies, at least 50%, have been registered with small capitals. The maximum amount has been noted to be 5,000 yuan ($717). Very few of these firms have registered itself over 9.18%, register with over 50,000 yuan ($7,175).

After the number of companies this year has already past the numbers of 2017, it is quite possible that 2020 could cross 2018’s total of 18,500, recording a new all-time high (ATH).

Their is no doubt that China has been making efforts to boost its digital sector and also push for blockchain adoption and innovation. Various reports have suggested that in 2020, the country approved 224 blockchain projects from major companies, including JD, Walmart, China, and Baidu.