China’s IT Ministry Report Reveals Exponential Growth of Blockchain Industry

According to the whitepaper by China’s Ministry of Industry and Information Technology, 2017 was a great year for Chinese blockchain industry. The report claims that 178 new blockchain projects were launched that year, raising the total number to 456. Only 136 new startups appeared in 2016, which amounts to almost 300% growth in just two years.

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Investment in blockchain is also on the rise. 100 out of a total 249 equity financing initiatives in blockchain startups were reported in 2017, which is more than in 2 previous years combined. Just in the first quarter of 2018 68 new financing initiatives were registered.

The published research claims that “blockchain technology has risen to the level of a national science and technology strategy,” and that the legal framework is being “gradually improved”. The report additionally points out that China has filed the most blockchain patents of any country in the world to date, although the country’s 2008 patent law hinders the progress and therefore should be changed.

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