According to data service provider Blockdata, China accounts for 25 per cent of new blockchain projects worldwide, china.org.cn writes. As of November, there are 263 China-based projects in progress. Meanwhile, there are 615 blockchain companies or subsidiaries already in China according to Beijing think-tank EO Intelligence, with most having launched in the last two years. This includes Chinese internet giants—Baidu, Alibaba and Tencent - who have started their own blockchain projects.
In fact, in China, one in two respondents told Deloitte their company used blockchain as part of 2018 global blockchain survey—in stark contrast to only 14 per cent in the U.S. While blockchain is mainly used in financial services in China, other industries, such as public services, healthcare, supply chains, are also implementing it.
"The main strength of blockchain is in decentralized data management," said Zhang Feixue, chief editor at Blockdata. "It can serve the real economy in terms of circulation and distribution. In the field of industrial economy, blockchain allows various assets to flow in the digital world, so it is a real gateway to digitalization for industries."
China is also a leader in blockchain patents. More than half of all patent applications in 2017 came from China, according to Thomson Reuters from the World Intellectual Property Organisation reported by Financial Times.