The year 2020 has been a challenging year for the world, but for a country like China with dense population and rapid development, it was also a year full of opportunities.
On October 24, 2019, China officially upgraded blockchain technology and became a national strategic priority. A year later, the development of the blockchain industry in China was in many ways ahead of the rest of the world.
The number of blockchain projects unveiled in China ranked first
According to a research report from Chinese media company Gyro Research, from October 24, 2019 to September 1, 2020, the number of global blockchain projects was trending downward. Nearly 345 new blockchain projects have been announced worldwide – 163 fewer than the same period last year. China ranks first with 252 projects, about 73% of the world and 12% more than last year, and utility cases are much higher than the United States, which ranks second with 27.
Meanwhile, Chinese blockchain policy clearly plays an important role in this area. Peak growth in the number of projects subsided with the publication of the policy. Of the 252 projects, 56 projects were added in November 2019 after the policy was published, 48 projects were published in December 2019, after which the number of projects gradually stabilized.
In terms of regional distribution, Beijing, Shanghai, Shenzhen, Zhejiang and Guangdong are the five major Chinese provinces that are actively promoting the adoption of blockchain. According to incomplete statistics from Gyro Research, technology projects are mainly concentrated in the areas of government affairs, public services and finance.
In addition to local governments, some public companies such as Tencent, JD.com, Xiaomi, Huawei, Baidu, and others are also working to promote the development and implementation of blockchain technology. When we talked about the blockchain implementation status this year and the plan for next year, Claude Jiang, General Manager of Xiaomi Digital Fintech, told Cointelegraph:
“This year, we have already launched government industrial and financial platforms in Tianjin, Chongqing, Guangzhou, Ningbo, etc., and created a number of innovative financial products in the industry based on blockchain technology. Next year, these products will provide innovative industrial support to the industrial architecture to help the industry take advantage of the blockchain and technical capabilities. Other to complete digital and smart upgrades.
Blockchain-based service network boosts blockchain adoption in China
On April 25th, China Government Information Center, Government Information Center, launched the national blockchain platform “Blockchain Service Network” or BSN.
According to the official introduction, BSN is a global, cloud-based, cross-portal, and cross-platform infrastructure network used to distribute and manage all types of blockchain-based decentralized applications. It will be the only global infrastructure network independently distributed and controlled by China.
One of the biggest obstacles to blockchain adoption is the cost of building a platform. There are many blockchain platforms, and a computer eye problem may arise in the future as it does in the traditional internet. Presently, the BSN ecosystem includes architects, developers, cloud service providers, portal providers, and operation and maintenance stakeholders, the ultimate goal of BSN is to become the internet that connects to the fragmented blockchain market
There are currently 136 public city contracts distributed in BSN. Among them, 98 Chinese contracts are already connected, 30 are under construction and 8 are overseas. In terms of network structure, there are four alliance networks, 12 public networks and two cross chains. Cloud service providers include China Mobile, China Telecom, China Unicom, Baidu Cloud, and Microsoft Azure. Twelve well-known public networks merged, including Ethereum, Tezos, EOS, Solana, Algorand, Polkadot, Nervos, Neo, IRISnet, ShareRing, Bityuan, and Oasis.
Reviewing BSN’s performance in 2020, Yifan He, CEO of Red Date Technology, BSN’s operations arm, told Cointelegraph:
“In the coming year, the blockchain industry in China will boom. As blockchain technology is still in its infancy, we are not only marketing active applications, but we also hope that more companies will pursue and participate in the basic infrastructure and technology. First year of central bank digital currency. , Which will be one of the main drivers to help the blockchain industry evolve. I also hope that companies in the industry will pay more attention and have discussions. ”
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