China's Blockchain Industry

According to the 2018 White Paper on China's Blockchain Industry issued in March, there are 456 blockchain companies registered in China, forming the ecosystem of the rapidly growing blockchain industry in hardware manufacturing, platform services, security services, industrial technology application services, investment and financing, media and human resources services.

Many local governments have actively positioned blockchain technology as an industry and gradually putting all relevant policy systems and regulatory framework in place.

The white paper points out that the industry is still in a nascent stage. More projects are under way as rapid industrial expansion continues. As for the future development trend for the industry, the white paper states that:

1. blockchain has become the forefront of global technological development, which opens up a new track for international competition.

2. blockchain has become a new hot spot for innovation.

The while paper also points out that two risks faced by the bockchain industry:

1. compliance risks

This normally occurs through ICO (Initial coin offering) in the fraudulent cases, illegal fundraising.

2. technological risks

51% attacks, private key stolen or loss and terminal security as well as network congestions caused by traditional network attacks, and so go.

The Whitepaper predicts that blockchain will be widely applied in the Chinese real economy and become a major support for the construction of a digital China.

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Please click here to read the full text (Chinese only) of the Whitepaper.