Quarter Of All Blockchain Projects Are From China — Report
China has become the global leader in the number of launched blockchain projects, China.org.cn reports. 263 projects are at the implementation stage in the country, which is a quarter of all blockchain initiatives around the world to date.
This technology is used most often in the financial sector, namely for the tokenization of assets and securities in banks and brokerage companies, Li Qilei, a top manager of the blockchain startup Qulian Technology, stated. Besides, distributed ledger is used in the public sector, healthcare, logistics, and supply.
Qulian is one of 615 startups in China that develop various blockchain products. Half of all these companies are focused on the industry of finance.
Last year, Deloitte published a poll, according to which almost 50% of firms in China switched to distributed ledger. At the same time, this figure is only 14% in the US.
It is worth noting that the Chinese Internet giants, including Baidu, an analog of Google, Alibaba online platform, and Tencent holding, have launched their own blockchain-based projects.
In March, Alibaba representatives stated they plan to introduce distributed ledger technology (DLT) to deliver goods abroad. Blockchain will help create a closed freight ecosystem that will be linked with the governments of recipient countries. Moreover, DLT and Internet of Things (IoT) can be used at customs and in international trade, according to the company.
Earlier, Alibaba began developing a blockchain together with Aerospace Information Co, a major software vendor.