China’s blockchain market appears to be gaining momentum, the South China Morning Post reported.
According to the review of government documents and interviews with people from the industry, the number of registered Blockchain services in the country has reached 1,821.
The pace of certification for new services began to accelerate late last year, with the China Cyberspace Administration releasing lists of new startups every two to four months.
Although Cryptocurrencies are Banned, Chinese Companies Continue to Use Blockchain Technology
According to the news of SCMP, in the country cryptocurrency Although trading is banned, a growing number of Chinese companies are pursuing new applications for Blockchain. As a result, according to the newspaper, a large market has opened up for services running on this new technology.
The newspaper reported that many existing services in China consist of legal and financial applications, as well as Blockchain-as-a-Service (BaaS) services that adapt customers’ pre-existing Blockchain technologies such as smart contracts to their business.
The promising industry even got the approval of China’s Supreme People’s Court, which said in May it aims to “establish a blockchain alliance between the court and all segments of society by 2025.”
Many of China’s largest technology firms and some of their subsidiaries also have registered blockchain services. Tencent Holdings, JD.com, Xiaomi, NetEase and Baidu are on the list. Alibaba Group Holding, owner of South China Morning Post, and fintech subsidiary Ant Group, owner of Alipay, are also on the list.
*Not investment advice.