Research Report: Blockchain is rapidly maturing in China.

Asian research firm Forkast Insights recently conducted an in-depth and comprehensive study on how China is integrating blockchain technology. This study includes deep analysis and insights from top blockchain insiders, scholars, and leaders in China to understand how one of the world's largest economies is embracing this innovative technology.

According to the first report titled "How China's Government and National Companies Are Applying Blockchain" submitted by Forkast Insights, China's blockchain technology is rapidly maturing and has real-world use cases far beyond the experimental stage.

China Leading Blockchain Innovation

With Chinese President Xi Jinping recently advocating for the adoption of blockchain technology, the country is positioned as a leader in blockchain innovation, surpassing the United States which has evidently fallen behind.

According to data from industry tracking firm Blockdata, as of the end of 2018, China led the world in initiated new blockchain projects, with 263 projects in progress, accounting for 25% of the global share.

A few days after President Xi Jinping's statement, Huang Qifan, Executive Vice President of the China International Economic Exchange Center, announced at the China Finance 40 Forum that the People's Bank of China is in the "final stage" of preparing to launch its digital currency, now officially called Digital Currency Electronic Payment (DCEP).

Data shows that China has more blockchain patent submissions than any other country in the world, accounting for 68% of the total global blockchain patent applications.

Although the country is nominally a free market, it is well known for its resolute planning, with government-backed initiatives that involve the entire nation and enterprises. From Deng Xiaoping's first economic reforms and opening up to Hu Jintao's consolidation of China's position as the world's second-largest economy after a tumultuous decade, China's purchasing power has tripled.

Xi Jinping has identified dozens of practical use cases that must be promoted:

Loans, healthcare, anti-counterfeiting, charity, food safety, and more... He also emphasized that blockchain development can help China gain an advantage in theoretical, innovative, and industrial aspects of these emerging fields.

While the future of blockchain in China appears promising, the number of blockchain developers in China is still relatively low compared to other countries. According to research by Forkast.News, in 2019, China had 5,290 blockchain developers, an increase from 3,780 in 2018.

Despite ongoing growth, there is still a lack of sufficient talent and startups to develop more blockchain projects, especially compared to India, indicating a relatively immature software development industry. According to a developer survey conducted by Alibaba in 2017, the entire industry lacks experience and is quite young. Approximately 56.7% of developers in China have only 0-3 years of work experience. This suggests that the developer community in China lacks experience compared to international counterparts, where about 42% of experts have 3-10 years of experience.

China is indeed in a period of rapid development in blockchain technology, evident in its economic, educational, policy, and patent progress. With a solid foundation in blockchain technology established in China, it is conceivable that the Chinese government is indeed considering further implementing blockchain technology nationwide.

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