Although blockchain and cryptocurrencies are often perceived by people as the same concept, this thinking is quite incorrect. Unlike the payment system of cryptocurrencies, blockchain can exist by itself perfectly well and be applied in various spheres, improving transparency and security issues.
The perfect example of the abovementioned statement is the policy of China. Cryptocurrencies are banned in this country, and there is little hope that digital assets will ever get a legal status there.
Blockchain in China, numbers and facts
Nonetheless, blockchain is a whole other story. This innovative technology is supported by the government and many global organizations (even China Mobile released a blockchain-based water purifier). New blockchain projects and initiatives arise in this country on the regular basis and offer new unique solutions to the already existing industries.
According to the report of China.org.cn, which used the statistics from the Beijing company Blockdata, the biggest amount of projects and startups that somehow involve the blockchain technology is accumulated in China.
The latest statistical data show that there are currently 263 blockchain projects in China, which account for 25% of the total amount worldwide.
This result is actually no news, since back in 2017 Chinese developers filed for the most amount of patents for their blockchain initiative, 225 to be exact, outrunning their competitors from America and Australia. This was reported about by Financial Times.
Spheres where blockchain is used
The blockchain technology is applied is various spheres of activity in China, including fintech, supply chains, risk and data management, cross-border payments, logistics, asset securitization, healthcare, public services and many others. Undoubtedly, the largest sector that is currently using the benefits of blockchain is the financial sector.
According to Paul Sin, the director of Asia Pacific Blockchain Lab of the company Deloitte:
“Whenever there is a need to synchronize data, especially sensitive information, across companies, industries and geographical boundaries, blockchain can offer a great solution due to its cryptographical protection of data.”
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/