China’s IT Minister: 2017 was a great year for blockchain industries

China’s IT Minister

2 days ago, Tong Xiaomin- chief engineer of the information center of the Ministry of industry and information, Yu Jianing- director of the industrial and Economic Research Institute, and Luo Zhiyong- the founder of the finance and Economics Institute, jointly prepared a document named as “White Paper of the 2018 China Blockchain Industry”

In the document released on 20 May during the “Chain Unlimited” 2018 China Blockchain Industry Summit that was held in Beijing, the authorities exhaustively analyzed the evolution and current state of the Chinese blockchain industry.

According to official publications, the “White paper” – which exceeds 100 sheets of content – shows a promising outlook for the development of blockchain technologies in the country despite its bad reputation:

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“The white paper shows that at present, China’s blockchain industry is in the high-speed development stage, entrepreneurs and capital are constantly pouring in, the number of enterprises is increasing rapidly, and the Internet giants are actively layout in the area of blockchain to promote the development of blockchain industry.”

China is the country with the most significant number of registered blockchain-related patents. According to data published by the Financial Times the World Intellectual Property Organisation (WIPO) database shows there were a little over 400 patents filed for blockchain or “mutual distributed ledger” technologies with over 225 of them being Chinese. Just as a comparison, only 91 of the patents filed are from the US.

The Chinese government has been able to promote the development of blockchain technologies while actively discouraging the use of cryptos, a differentiation that has not stopped the development of this industry. Bitmain, the leading supplier of ASICs for crypto mining is located in China, and there are large market cap cryptocurrencies of Chinese origin such as TRX, QTUM, and NEO.

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The MIIT provides a fairly positive summary of the document:

“The white paper summarizes six main characteristics of the development of China’s blockchain industry: first, the initial formation of the industrial chain of China’s blockchain is in the ascendant. Second, the geographical distribution is relatively concentrated, and the effect of industrial agglomeration is obvious. Third, the application of blockchain is diversified, from financial extension to entity field. Fourth, to achieve ‘collaborative information,’ help the real economy to reduce costs and efficiency. Fifth, technology abuse leads to some risks in industrial development. Sixth, the industrial policy system has been gradually constructed, and the industrial development environment has been continuously optimized.”

Several Chinese industries are working on the development of blockchain technologies for economic and productive applications. The primary investment sectors are security, data and identity management and product traceability, among others.

Featured Image: twitter

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