How Blockchain Has Invaded China
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CB insights is a New York-based research company and have recently released a report that shows start-ups in China are starting to increase their blockchain-related investments on a massive scale.
The report was released early this month on the 11th of March and highlights that in 2015, many deals were made from the United States-based companies who accounted for just over 50% of the technology growth in blockchain. When you compare this to China and they’re companies, they were representing only 2%. Now though, the tables have turned.
Some of the data suggest that last year, the percentage of deals enacted by start-ups in the United States fell to 31%. Over the course of the same year, the market share in China grew to 22%. This was the year when China consolidated itself within the blockchain industry as a solid player.
The co-founder and head of partnerships at Upright, space said the following:
“I think that China sees the potential of blockchain for enterprises to understand better, track and get an insight about the financial activity of individuals and business since the announcement of Xi [Jinping] about blockchain, there are a lot of investments.”
When discussing the blockchain, the President of China, Xi Jinping called on the country to speed up the adoption rate of this kind of technology as a call for innovation.
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”