China Going Crazy With Blockchain, Big Brands Joining in While Projects See A Record 110% Growth
- After President Xi Jinping’s blockchain promotion in October, China saw a growth of 110% in blockchain projects
- As of Oct. 2019, China filed more than 12,900 blockchain patent applications
- Baidu, Tencent, and Alibaba’s Ant Financial leveraging blockchain technology as well
- Crypto analyst “expecting more and more to pop up” which are “the true bitcoin trend driver”
China’s “Blockchain not Bitcoin” narrative has been known for a long time and going strong as ever. In October, President Xi Jinping himself emphasized the country to “take the leading position” in blockchain technology and “seize the opportunity.”
This promotion by the President of the country himself certainly elicited expected results. As per the local report, in November, out of the total 86 new blockchain projects, 57 were from China. This has been an increase of 110% from the previous month.
Out of these 57, 28 projects are initiated by the government departments across China focused on electronic certificates, tax, and justice. The projects in the financial sectors focused on cross-border financial services, supply chain finance, and credit data sharing.
China was followed by the US and Japan with nine and four projects respectively. Australia, Singapore, and Thailand followed cosplay behind with each having two projects.
“China has gone more crazy for blockchain than the west was in early 2018,” is what popular crypto analyst, Crypto Loomdart has to say about China’s development.
Blockchain Patents from China Flowing In
As per the data provided by the World Intellectual Property Organization (WIPO), China also filed more than 12,900 blockchain patent applications as of October 2019, which is 53.6% of the world’s total patent applications.
Nov saw 86 new blockchain projects, 57 from China. 28 projects are initiated by gov dept across China & mainly focus on tax, electronic certificates and justice. @WIPO data shows China has filed over 12,900 blockchain patent applications as of Oct '19 (53.6% of the world’s total)
— China Crypto News (@ChinaCryptoNews) December 5, 2019
This is, however, just the beginning as another report forecasts that banks will play an important role in blockchain investment in the next two years. The revenue from the sector is also expected to see much growth.
iResearch published the 2019 Blockchain Finance Report. It forecasts investment in blockchain from financial institutions in China to exceed RMB 9bn by 2022 with almost 90% coming from banks. Revenues for technical service suppliers is estimated to reach nearly RMB 15bn pic.twitter.com/SlaR27HHwS
— China Crypto News (@ChinaCryptoNews) January 4, 2020
Baidu Launches Public Beta of “Xuperchain”
In the latest news, the Chinese Internet giant, Baidu has launched the public beta for its “Xuperchain.” Users can pay as low as 1 Chinese yuan (about $0.14) to deploy an application on this open-network blockchain until March.
Run by a series of masternodes, the network makes use of parallel chain technology to simplify the smart contract processing.
The network now has over 3.5 million users and processes 450 million transactions. The company emphasizes that it meets China’s regulatory requirements.
True Bitcoin Trend Driver
Baidu however, according to Dovey Wan, Founding Partner of Primitive Crypto is “way behind“ and so not worth paying attention to.
She explains that while Tencent/WeChat is working on a national invoice and taxation system, Alibaba’s Ant Financial is working on a commodity trading platform.
Formerly known as Alipay, back in Nov. Ant Financial said it will be releasing its consortium network around February 2020. Bluemountain Labs, a Sichuan-based blockchain specialized fund wrote on twitter Today,
The @AntFinancial 's alliance chain is expected to be officially launched in February. It will help small and micro businesses and developers enter the #Blockchain industry at a lower cost to develop their own applications. #Crypto #cryptocurrency #BTC #Libra #Bitcoin pic.twitter.com/f51rFFtmIH
— Bluemountain Labs (@BM_Labs) January 8, 2020
Crypto Loomdart however is “expecting more and more to pop up” which he says “is the true bitcoin trend driver.”