People's republic of china Electronic Information Industry Evolution (CCID) announced on Oct. 27 that in that location are over 700 blockchain enterprises in Red china, with over 500 relevant investments reported.

China sees aggressive blockchain development

According to a commonage report conducted on Oct. 24 by the Fundamental Commission of the Political Bureau of the Communist Party of China, of the aforementioned 700 blockchain enterprises, 83 are inquiry institutions and 34 are banks.

Furthermore, over 500 investment and financing events took place in the domestic blockchain industry.

The data also reveals that 12 blockchain policies have been issued past the state and various ministries and commissions since the first half of 2019.

For example, in January the Internet Assistants of Communist china introduced regulations for blockchain firms operating in the country, including anti-anonymity rules. The study also notes blockchain initiatives at the municipal level, such as those reported in Beijing, Shanghai and Guangzhou at the terminate of last year.

The CCID claims that local innovation in the industry is good, with internet giants, startups, research and financial institutions pushing for further development in the space. The agency says that the number of blockchain patents filed in China in the offset half of 2019 was iii,547, while the full number of patents published in 2018 exceeded two,435.

Lack of killer apps and third-party audits

According to the Blockchain Research Institute of CCID, Red china released 151 blockchain application cases in the first one-half of 2019. The applications are relevant to 28 fields including finance, e-regime, medical care, intellectual belongings protection and traceability. That existence said, the bureau admits that Chinese blockchain applications are notwithstanding lacking in multiple ways:

"Now, Cathay'southward blockchain industry applications still have problems such every bit big-scale awarding and promotion, lack of killer applications, and lack of authoritative third-party evaluation."

CCID is a Chinese governmental organization that reports directly to the Ministry of Manufacture and Information Technology and is tasked with assisting the evolution of information industries in China.

President Xi Jinping'south call for blockchain adoption sparks public interest

Recently, Chinese President Xi called for the country to accelerate its adoption of blockchain technologies to drive innovation and industrial transformation. Xi told the Politburo:

"We must take blockchain equally an of import breakthrough for contained innovation of core technologies, clarify the main directions, increment investment, focus on a number of key technologies, and advance the development of blockchain and industrial innovation."

Following Eleven'southward proclamations, stocks in Chinese blockchain A-share firms maxed out to their x% daily limit, while the number of searches for blockchain technology on WeChat soared.