Registered Chinese Companies Using “Blockchain” in Names See Big Spike in 2018

China Has Just Witnessed a Six-fold Increase in Registered Companies With the Word Blockchain in the Title

The period between January to about July 16 this year, there has been an increased surge in the number of companies that have been registered with the word Blockchain in China. The current registration has surpassed the figure for last year by nearly six-fold, this is according to a report on 16 July by the South China morning post.

More In This Registration Development

The Qixin.com that was citing various figures from public data aggregator and business SCMP went ahead and reported that the country was currently hosting more than 4,000 companies that are blockchain related. In just the past six months they recorded about 3,078 companies that have incorporated the word qukualian, which is a direct Chinese translation of the blockchain when we compare this to last year there were only 555 companies.

When we look back to about twelve months ago, there have been about 16,600 firms that have been set up with the blockchain specified being part of the lines of business they get into. While there have been over 3,800 of the registered companies which have a registered capital that is more that is $1.5 million. About 41% of startups in China are able to receive some funding in the first quarter of last year especially those that are blockchain related.

SCMP also went ahead to report that last year there were about 225 Chinses companies that went ahead to file the blockchain related patent application. Which if we are to estimate appropriately has been found to be more than the total registered in the world. In the US there are about 817 companies and around 335 in the UK that have incorporated the word blockchain in the company names.

There Is Strong Support Around The Blockchain Technology

As we look at the market today, the blockchain technology is receiving a very strong support from people around the world. And this is not all there is a strong support being received from the deputy director, Xin Guobin, China’s Ministry-of-Industry-and-Information-Technology, who went ahead to urge the country in uniting their forces in order to foster the blockchain technology.

He went ahead to add that it should be a core technology that is implemented in the new digital technology and that the vital role that is being played by the blockchain technology should actually be grasped from the strategic perspective.

Mr Fan Wenzhong, the head of the International department in China Bank and Insurance-Regulatory-Commission last week warned against the mythologizing that is happening around the blockchain technology. He went ahead to say that it can be a little difficult to call the blockchain a revolution as the concept of multi-entry bookkeeping has been around for several years.

He further stated the concept of decentralization is not really a new concept, but instead it is a loop. This is because the earliest human transaction that took place did not have central authorities back then. So essentially it is an existing concept that has just been polished in the market.