Chinese Blockchain companies numbered 75,000 by June 2021 in a domestic industry that will reach $2.5 billion by 2025 in a push for global dominance. 

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More than 20 provinces had committed to blockchain R&D and application by 2021 with Hangzhou (Zhejiang) establishing a $1.47 billion blockchain fund for example and the Xiong’an New Area (Hebei) will also utilise the technology in the construction of its futuristic city. 

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China by October 2020 had overall filed for 4,435 blockchain patents (at around 50% of the global total) spearheaded by Ant Financial with over 50 major applicational commercialisations by 2019 while around 775 blockchain projects were enacted nationally between March 2019 and April 2020. 

 

Ebang International Holdings and Bitmain manufacture cryptocurrency mining equipment while cryptocurrency exchange Huobi is headquartered on Hainan. 

 

Nervos, based in Hangzhou, will supply a ‘permissionless’ blockchain for China’s Blockchain Services Network (BSN) that will create a global "internet of blockchains" as its significant security and cost reduction of data will become critical for the Digital Silk Road.

 

Find out more about the future of Blockchain in Digital Provinces Guide: Countdown to the Chinese Century, Dawn of the Digital Dragon Dynasty: Countdown to the Chinese Century, and Dawn of the Digital Dragon Dynasty: Global Economy in Shop.