On December 29, the state Chinese Academy of Information and Communication Technology, or CAICT, published a document titled “2022 Blockchain Whitepaper”. According to the document, more than 1,400 blockchain companies are currently headquartered in mainland China. Along with the US, both countries account for a 52% market share in terms of global blockchain companies.
The CAICT also revealed that some 48 higher education institutions across China have introduced degrees and certifications related to “blockchain engineering.” In the report, the institution detailed four types of blockchain technologies with great application potential.
First, “settlement chains” would allow for the transparent publication of telecom rates for companies such as China Mobile and China Unicom. Second, Zhejiang Cold Chains would allow consumers to verify the origin of their food by scanning QR codes on products. Third, the Trusple cross-border payment platform can help buyers and sellers obtain due diligence information on their counterparties.
Finally, blockchain monitoring platforms can help financial regulators detect order irregularities between different exchanges. Major Chinese tech giants such as Tencent, Ant Financial, Huawei, and Alibaba have created “blockchain alliances” in recent years for their respective operations.
Nowadays, China allows holding cryptocurrencies and non-fungible tokens, or NFTs, with their legality protected in the courts of law. However, the country has banned the issuance of initial coin offerings, as well as digital exchanges and cryptocurrency mining.
Despite the setbacks, the Chinese government has included blockchain development on its official national agenda. In October, the State Council of the People’s Republic of China declared that it would prioritize “cloud computing, blockchain, and AI” as means to improve data management and government services. On December 28, Chinese officials announced that a national exchange for trading NFTs and digital asset copyrights would go live on January 1, 2023.
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