The Explosion of Blockchain Companies
In a truly staggering turn of events, the period from January to July 16, 2018, saw the number of companies in China incorporating the term “blockchain” in their titles skyrocket, soaring to nearly six times the figure from the previous year! According to the South China Morning Post (SCMP), over 4,000 blockchain-related firms are now buzzing around in the Middle Kingdom. That’s an impressive jump from just 555 in 2017.
The Numbers That Matter
Data compiled from business and civil data aggregator Qixin.com reveals that between January and mid-July of 2018, 3,078 firms were born with the word “qukualian” (the Chinese translation of blockchain) proudly displayed in their names. This means for every blockchain enthusiast, there are roughly 1,299 new firms to keep track of! If you’re worried about missing out – don’t fret, there are still about 16,600 firms that have blossomed over the past year, indicating that investment in blockchain technology is a hot topic.
A Capital Venture
For investors with a keen eye, here’s a fun little tidbit: more than 3,800 of these startups have already roped in upwards of $1.5 million in registered capital. That’s a considerable amount of digital dough! To make matters even sweeter, a whopping 41% of the startups that snagged funding in the first quarter of last year were blockchain-related. Talk about riding the wave of innovation!
Intellectual Property and Industry Support
Now that we’ve established there’s ample enthusiasm around blockchain, let’s also address the intellectual property hustle. Chinese companies made a splash last year with 225 blockchain-related patent applications. This figure represents more than half of the global total. Just to put that in perspective: the U.S. trails with 817 companies using the term blockchain, while the U.K. has 335. Seems like China is really taking the lead!
Official Endorsements and Reluctant Realities
Jumping into the fray, Xin Guobin, the deputy director of China’s Ministry of Industry and Information Technology, rallied the nation to unite and view blockchain as a core technology for the future digital economy. His call for strategic thinking underscores how seriously the country is taking this technology.
Still a Reality Check
However, not everyone is ready to put blockchain on a golden pedestal. Fan Wenzhong from the China Banking and Insurance Regulatory Commission raised some eyebrows by cautioning against viewing blockchain as a “revolutionary” technology. He argued that the principle of multi-entry bookkeeping has been around for ages, and decentralization isn’t an avant-garde idea; it’s more like a time loop back to the days when trade was just between folks, sans central authorities. Classic, right?
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