Category Archives: China Banking and Insurance Regulators

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China Sees 500% Spike in Blockchain-Named Companies

Blockchain (qukualian in Chinese) is fast becoming a byword in Chinese business circles according to the South China Morning Post, as the word now appears in company names with a six-fold frequency compared to last year.

Figures reportedly show that most of this flurry of activity inciting companies to squeeze the word qukualian into company names actually happened since the beginning of the year. This alone seems to indicate the level at which blockchain is taking hold as a technology in China’s fintech space.

There are currently over 4,000 of such companies in China, according to recently published figures by data aggregator Qixin.com. This year, companies using qukualian in their title name has risen from 555 last year to an astounding 3,078.

SCMP suggests that Chinese companies that have filed blockchain related patents applications now represent more than half the world’s total, showing China’s advancement in this technological space. Some 41% of startups at the last count, that is the first quarter of 2018, were blockchain-related companies.

It is clear by these statistics, and by recent official statements regarding embracing new technologies, that China is set to become the world leader in utilizing blockchain technology. The race is being led from the front with the Chinese president Xi Jinping suggesting that the future has arrived with such technologies. He recently stated:

“Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity. A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure.”

Calling the arrival of blockchain a “revolution”, however, has encouraged one detractor. Head of the international department of the China Banking and Insurance Regulators, Fan Wenzhong, has suggested that it was a disservice to the technology to promote it with such adulation and using such language only risks mythologizing the space.

 

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