China has the largest number of Blockchain patents in the world, according to a recent report made by Cointelegraph leading the trend with a $1.6 bln Blockchain fund to support new projects in the cryptocurrency space.
The government of Hangzhou wants to invest more than $400 mln in a venture capital firm known as Tunlan Investment, to support the growth of Blockchain related projects.
With the help of the Chinese government, Tunlan Investment had launched the Blockchain Industrial Park in Hangzhou with a $1.6 bln Blockchain fund, 30% of which is backed by the local government.
Support is being showed by some of the early adopters of this trend, such as Zhenfund founder Xu Xiaoping, who has invested in projects like Steem and Lino – Li Xiaolai, a notable Blockchain investor from China has also been appointed as the manager of the fund.
After the horrific ban in September 2017, the formerly largest exchanges in China, Huobi and OKCoin, had to recolate to South Korea, a country that is continually blooming.
Even though China decided to take the harsh decision of denying any cryptocurrency related activities within their country by stating that they are being a threat to their current financial system, the recently appointed investment fund for Blockchain related projects has shown that they are starting to acknowledge its potential.
“The sovereign state is still the fundamental player in global politics, and carries with it the characteristics of the world financial system. Cryptocurrencies and other virtual currencies attempt to challenge the sovereign state’s right to issue currency, requiring the nationalization of currency issuance. China has a clear understanding of digital forms of money, and is actively engaging in relevant work. The central bank has set up a research group and a digital money research institute to explore the digitization of sovereign money.”
China the leading blockchain patent filer
According to Thomson Reuters and the World Intellectual Patent Organization, China has about 400 Blockchain-related patents being followed by US and Australia with 110 and respectively 40 filed patents to date.
China has expressed its optimism regarding Blockchain technology where JD.com, a major chinese retailer, is using Blockchain to track the shipping of its products:
“We are excited to work with some of the world’s most innovative startups to explore ways we can scale these cutting edge technologies for the future of retail and other industries” JD.com
Despite the fact, we are still in bearish trend, good news won’t fail to appear where more and more countries are starting to adopt and learn this revolutionary technology.