China is leading the way in blockchain adoption
It seems that China is the most blockchain friendly country in the World. It is now more evident after China’s President Xi Jinping's speech at a Politburo Committee session on blockchain technology trends on Oct. 24. that China will lead the way to get blockchain to the mainstream adoption.
Chinese leader Xi Jinping declared blockchain “an important breakthrough,” and promised that China would “seize the opportunity.” He detailed the ways the Chinese government would support blockchain research, development, and standardization.
Blockchain adoption promotes innovation
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
Measured by patent applications in the sector, China is handily outpacing other countries including the United States in blockchain technology.
On Nov. 20, Japan-based financial newspaper Nikkei reported that Chinese companies submitted around 7,600 applications between 2009 and 2018 — about three times as many as U.S.-based companies.
So China sees Blockchain technology as an an important breakthrough and thus invests in blockchain technologies in order to promote technological innovation and to transform industries. We see this effort and investment from the patent applications in China.
With 7,600 Blockchain Patent Applications, Chinese Firms Far Outpace US
China is handily outpacing other countries including the United States in blockchain technology. Chinese companies submitted around 7,600 applications between 2009 and 2018 — about three times as many as U.S.-based companies.
A total of 12,000 blockchain applications
According to Tokyo-based research firm Astamuse, the U.S., China, Japan, South Korea and Germany together submitted around 12,000 blockchain-related patent applications through 2018, with China accounting for over 60% of the five-country total.
South Korea submitted close to 1,150 applications within the same time frame, while Japan submitted fewer than 380 applications.
With 512 applications, Chinese retail giant Alibaba Group Holding took the lead amongst the ranking of corporate applicants compiled by Japan's NGB based on data from Innography. United Kingdom-based nChain followed Alibaba closely, with 468, while technology giant IBM filed 248 applications.
In November, the Chinese news program Focus Report pointed out that although there are around 32,000 companies in China that claim to use blockchain technology, reportedly the real number is not even 10% of that. According to the episode, China's blockchain industry is at the forefront of the world, with the total number of blockchain enterprises second only to the United States.
China is the first major country to declare a strong endorsement of Blockchain technology. Like the internet, blockchain will change the World because it is a powerful tool that can nurture freedom and technological innovation. It will transforming industries. For example, it will change the financial system and flow of money around the world. Professional sports clubs The NBA’s Sacramento Kings,Germany’s FC Bayern Munich have recently been diving into the blockchain technology to develop a crypto token for fan rewards. The US Department of Homeland Security (DHS) explores blockchain and distributed ledger technology (DLT) to replace its paper-based systems. Adoption of Blockchain is gaining momentum in Supply Chain Industry as well. Vechain's Pu’er Tea Traceability Platform and Retail giants Carrefour and Nestlé's Infant Formula Tracking are the examples in the of blockchain applications in this industry.
Thus, countries need to pay more attention to Blockchain and Crypto.
Thanks for reading. I hope you’ve found it helpful.
If you like this content, tip me please or use one of the addresses below:
-- Earn free Bitcoin,
** Sign up
** Cointiply here at http://cointiply.com/r/j38la and claim Bitcoin every hour (Don't forget to use the twitter promo code that is given by @CointiplyFaucet)
** Go to adBTC website https://r.adbtc.top/1194404
** Go to https://multimining.website/signup?referral=1334 (60 sathoshis per hour)
-- Get Free #DOGE #Litecoin $LTC $BEAN #TRON $TRX #Verge $XVG #Siacoin $SC #Steem #BCN at theCryptoFaucet https://www.thecryptofaucet.com
-- Do not forget to use Brave Browser instead of Chrome ( download here BRAVE browser and get BAT token ($5)
-- Sign up for Coinbase and get $10 Free Bitcoin:www.coinbase.com/join
-- Claim your free LiteCoins here at https://free-litecoin.com/login?referer=265897
--Claim your Free BitcoincashABC here at https://www.free-bcash.com/referer=251283
-- claim your daily IOST by signing their here: https://hub.iost.io/register?inviteCode=BynaOLlBN
-- Claim various crypto coins here https://allcoins.pw/?ref=190876
----use Multi Faucet App, to earn ad Moon Litecoin, Moon Dash, Moon Bitcoin, FreeBitco.in, Allcoins, Cointiply., Faucethub.io, Free-Litecoin , Coinfaucet.io , FreeCardano, FreeBitcoin.io, FreeNEM, Free-Bcash. THIS WILL ENABLE YOU TO CLAIM WHEN YOU ARE OUTSIDE. You can download Multi Faucet App on Google Play (Click here to go to Google Play page)
Sign up to Publish0x and get crypto : https://www.publish0x.com?a=1YQdJWyeOG
Sign up to Binance Exchange: www.binance.com