Blockchain takes off with Beijing's blessing while cryptocurrency is shunned: SCMP
Quick Take
- The pace of certification for new blockchain services began speeding up late last year.
- While China has banned the trading of cryptocurrencies, more companies are looking for new applications for blockchain.
The growth of China's blockchain market has accelerated, with the total number of services registered with the country's internet regulator reaching 1,821, according to a review of government documents and interviews with industry insiders, the South China Morning Post reported on Saturday.
The pace of certification for new blockchain services began speeding up late last year, with the Cyberspace Administration of China releasing new lists of recent ventures every two to four months.
While the country has banned the trading of cryptocurrencies, an increasing number of Chinese companies are looking for new applications for blockchain, potentially opening a huge market for services run on the technology, which is a type of immutable distributed ledger maintained by different computer nodes on a network, the SCMP reported.
Most of the registered services are for legal and financial applications and Blockchain-as-a-Service (BaaS), which allows customers to apply pre-existing blockchain technologies like smart contracts to their own businesses, the report said.
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