According to LongHash, the year 2020 is quite outstanding for China in terms of blockchain industry growth Its rate of growth looks better than in the previous years.
LongHash tweeted on August 8 that COVID-19 did not stop China’s blockchain sector from growing numerically. It said from January to July, more than 10,000 companies sprang forth
In fact, it was also said that apart from increasing in number this year, it is doing so at a rate almost the same as in the year 2017. LongHash says at the growth rate, Chinese blockchain companies may reach a new All-time-High soon as it will surpass 2017 and 2018 numbers.
In China, the blockchain industry has 84,410 companies that are registered but 55,070 are not working. Most of those in operation are located in the Guangdong Province in Southeast China while the Yunnan province has the second highest number of functioning blockchain companies.
But many of the registered companies do not have big capital. Some were registered with 5,000 yuan (about $717) while few registered with up to 50,000 yuan (about $7,175)
China is one place where the government is determined to introduce blockchain into its different sectors and to start applying the benefits of blockchain in the sectors. The central bank of China is also thinking ahead for its blockchain trade platform. To this end, it has earmarked $4.7 million. The government also welcomes blockchain experts to share their ideas and projects so that they can be reproduced on a wider scale. This is why there are up to 224 blockchain projects currently that were sponsored by companies including Walmart and Baidu.