China sees Sixfold Increase in Number of Companies with Blockchain in their Name
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China sees Sixfold Increase in Number of Companies with Blockchain in their Name

The number of firms registered with the word ‘Blockchain’ in their titles has increased substantially in China, with a report from the SCMP (South China Morning Post) estimating a “six-fold increase” in the number.

Citing data from Qixin.com, a business and civil data aggregator, the media outlet reported that China is currently hosting more than four thousand blockchain-related firms. While there were only 555 companies with the word ‘qukualian’ (blockchain in Chinese) in their names last year, more than 3,000 firms were found to have the word in their names over past six-and-a-half months.

In the past 12 months, over 16,600 blockchain-related companies were set up in the country, while around 3,800 of those 16,600, had a registered capital of more than $1.5Mln. Meanwhile, 41% of all startups that received funding in the country in the first quarter of 2017 had blockchain as part of their lines of business.

South China Morning Post reports that China saw 225 blockchain-related patent filings last year, which is way more than half of the world’s total. There are 335 registered firms in the UK and 817 in the US with the word “blockchain” in their titles.

Yesterday, blockchain development received huge support from Xin Guobin, the deputy director of Ministry of Industry and Information Technology, who asserted that China needs to “unite forces” to develop blockchain technology on an industrial level. He added that the role of blockchain technology should be “grasped from a strategic perspective”.

Last week, Fan Wenzhong, the head of the intl department of the Banking and Insurance Regulatory Commission, said that blockchain should not be called a “revolution”, as the concept multi-entry book-keeping has been around for hundreds of years. He added that decentralization is not a new idea but a loop, as the earliest transactions used to be decentralized as well.

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