The miracles of naming: in China, a growing number of companies with the word “blockchain” in the title

The number of registered firms with the word “blockchain” in the title has increased six-fold from January to July. According to local media, the country legally employs about 4000 blockchain-companies. This writes Cointelegraph.

How to make money on the blockchain

Information about companies in the country can be found in the database It turns out that last year, only 555 of Chinese companies indicated the name of the technology in their name.

Over the past 12 months 16 600 companies have reported about using the blockchain in their professional activities, more than 3,800 of them have registered capital worth more than $ 1.5 million. Of startups created in China, 41 percent belongs to the blockchain. Last year, the company has registered 225 patents related to cryptocurrency.

The development of new technologies based on the blockchain received a major support from the Ministry of industry and information technology of the PRC. Deputy Minister Blue Guobin urged all to “come together” and accelerate the development of a cryptocurrency for the new digital economy. In his opinion, the role of the blockchain should be considered from a strategic point of view.

But the head of the international Department of the Commission on regulation of banking and insurance in China Fan Wenzhong spoke out against “mythologizing” of the blockchain. Not the Wenzhong believes the technology breakthrough, as the concept known to mankind for hundreds of years. However, decentralization is not a new trend, and another round of stories, because it worked before the advent of centralized financial institutions.


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