China Sees Sixfold Surge in Companies with ‘Blockchain’ in Name

China has seen an explosion of companies registered with the word “blockchain” in their names in the past six-and-a-half months, almost sixfold the number for the whole of last year, according to a report by South China Morning Post.

Based on government data gathered by Qixin.com, the report revealed that the country currently hosts more than 4,000 blockchain-related companies. From January to July 16, 2018, there came 3,078 firms with the word “区块链” (the Chinese character for “blockchain”) in their names, while last year’s number was 555.

In comparison, there are currently a total of 817 companies in the US and 335 in the UK using blockchain in their registered names, according to a search on OpenCorporates.com, which gathers corporate registry data from dozens of countries globally.

Despite regulators’ negative attitude towards cryptocurrency, interest in the country remains high for blockchain technology, and the growth of blockchain development in the country remains eye-catching. As previously reported by 8btc, in 2017, blockchain patents from China-based enterprises accounted for 49% among 1060 pieces of world’s total, ahead of the United States who contributes 33%.

Government’s amicable policies also fuel the blockchain boom. This April, a $1.6 billion government-backed blockchain fund was launched in Hangzhou, claimed as the world’s biggest fund investing in blockchain projects; a month later, it was reported that China has begun establishing national standards for blockchain technology, which is expected to be completed by the end of 2019.

According to Financial News, a Chinese finance news outlet run by the country’s central bank, blockchain and online lending are fields most favored by capitals, among which tech companies equipped with blockchain technology draw most attention, raising a total of 16.4 billion yuan (US $2.5 billion) in 222 new financing events.

The financing in blockchain sector within the country hit 6.4 billion yuan (US $1 billion) with 141 financing events, and online lending platforms raised 10.8 billion yuan (US$1.6 billion) in the first half year.

The growth of blockchain development and interest in China show that China is planning to become a mainstay in the blockchain industry.

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