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China’s Blockchain Industry Scale Expected to Reach Over 800 Million In 2019

In the first half of 2018, there are 425 active blockchain enterprises in China with the industrial scale reaching 450 million yuan, and the number is expected to surpass 800 million yuan ($116 million) in 2019.

In 2018, big Internet companies make the foray into blockchain one after another, start-ups grow at an astonishing speed, and investment and financing events soared. Along with the rollout of blockchain favorable policies, talents, capital and technology have been converging to the blockchain industry.

According to a report by CCID Blockchain Research Institute, a research unit under the country’s Ministry of Industry and Information Technology, it is estimated that the number of active blockchain enterprises will surpass 600 in 2019, with an anticipated scale of over 800 million yuan.

The institute also provides an overview of the blockchain sector within the country in the report, pointing out that though the domestic public blockchain has made some achievement but still follow the pattern of their foreign peers. According to the Global Public Blockchain Assessment Index, released by CCID monthly starting this May, a plurality of Chinese projects has elbowed into the ranking in which major 30-odd cryptocurrencies are evaluated. In the latest edition, local cryptos including GXChain, Ontology, Nebulas and NEO have made into the top 10.

In terms of consortium blockchain, the report says IBM’s Hyperledger Fabric has been a model for consortium blockchain, providing blockchain solutions to almost all sorts of businesses; In contrast, the BaaS platforms developed by big Chinese internet companies like Alibaba, Tencent and Huawei, though start late, have laid their eyes on the global market.

It is evident that China, though hostile towards cryptocurrency, has been an influencer in the blockchain sector with the efforts both from enterprises and government. Days ago, the country’s Ministry of Industry and Information Technology has released four domestic blockchain standards to propel blockchain development and application.


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