In almost everywhere you look these days, China is in the news for how it's implementing and exploiting Blockchain technology – a market predicted to hit USD 58 Million by 2025. As an example, the latest edition of the Blockchain Data Report primarily focused on China and concluded that it is a world leader in terms of patent activity. The report went further to state that China's booming economy has played a significant role in the crypto space and one of the many key findings established a link between the Chinese stock market valuation and crypto prices.
Of the report Dragon co-founder Paul Moynan, commented: “what’s interesting is that in the report digital assets did not typically track the sentiments of the United States economy, but seem to adhere strictly to the movements in the Chinese A-Shares market which shows how seriously China is when it comes to Blockchain. The seriousness that China is applying to the use of Blockchain is a clear indication that we are on the cusp of mass adoption worldwide. Once a technology is proven, innovation continues at a hyper accelerated pace and many still use Moore’s Law as an indicator for technical progress – but when people start looking at Asia, we can see that the rate of mass adoption there is running around five times faster and we can expect to see products come to market in an incredibly short time frame.”
In terms of the number of Blockchain-based start-ups, although China is currently a little behind the United States, when it comes to Europe, China is well ahead. In the last couple of years, Shenzhen has emerged as the leading Blockchain hub in the country as it plays home to most of the country's Blockchain start-ups. Currently, there are over 2,579 patents that have been filed in China and hundreds recently registered with the Cyberspace Administration.
As ever, the Blockchain and Crypto sphere is in constant flux, and as regular readers this blog, you know how important it is to stay up to date. The Dragon Blog helps you stay up to date with all that's happening, so head over there right away.