Following president's Xi Jinping's unreserved backing of Blockchain last year, the latest figures provided by China’s Centre for Information and Industry Development at a recent Blockchain conference showcase the momentous increase of Blockchain driven companies registered in recent months, taking the total up to the staggering 33,000 at the start of the year.  With the application of Blockchain technology in 2020 becoming more and more popular, this already impressive figure is only predicted to grow.

These recent figures released in China should come as no surprise to anyone following the coverage on the Dragon Blog given Blockchains significant rise to prominence as a pioneering application in the modern world.  Blockchains true potential is yet far from being realised. With the emphasis on further technological innovation at the heart of President Xi Jinping's drive for colossal economic development, this is proving to be the perfect platform and opportunity for domestic innovators and entrepreneurs alike to take the plunge to integrate Blockchain technology into leading mainstream industries.  On the developments Paul Moynan, co-founder of Dragon commented, ‘China has kick started a massive paradigm shift for positive development and adoption world-wide and this continued drive by China means the rest of the world has to step up their Blockchain game or face being left behind.’

This sheer scale of China’s attempts to introduce Blockchain should come as an inspiration to other countries with 33,000 companies already being confirmed as registered by the government and many more investigating how to integrate Blockchain technology within their services and systems.

Amongst these 33,000 registered companies, more than half of them are believed to be Blockchain start-ups, a quarter being involved in internet-related businesses, with the remainder sited to be exploring various applications of Blockchain in fields such as health care, charity, entertainment and education, with the most prominent areas being finance, supply chain and traceability.  The versatility of the Dragon Exchange (DRGx), Dragon Coin (DRG) and the free Dragon Social Wallet (DSW) could be the perfect ecosystem for Chinese companies to adopt.  Now could be the ideal time for traditional businesses to reap the many benefits, including low-cost borderless transactions which are actioned almost instantaneously.

There has been a tremendous rise of government and institutionally funded investment into newly registered Blockchain-centric enterprises from 2014 to 2019, further representing China’s drive towards mass adoption of Blockchain.  It is undoubtedly only a matter of time before the leading Chinese banks set about exploring the possibilities Blockchain technology could provide them and then nothing will be able to stand in Chinas way in global digital reform across countless industries.

As China continues its digital revolution, there’s sure to be more exciting news that we will be covering, be sure to stay tuned to the Dragon Blog for the latest in Blockchain and digital currency news from around the world!