China is one of the countries that has had more interest in the development of Blockchain technology. In its own way, and with its rules, but the advance is undeniable. However, do you know which is the city in China with more Blockchain companies? Find out.
In spite of all the adversities by the pandemic, more than 10,000 new Blockchain companies have emerged in China so far in 2020.
Also, according to the crypto market data company, LongHash, Guangdong province is home to approximately 30% of the new Blockchain companies in the Asian country.
More than 10,000 Blockchain companies founded in China this year
China supports Blockchain technology
For years, the idea that China is a center of development of Blockchain technology is becoming well known. Although Beijing maintains an anti-crypto currency stance, this has not prevented it from seeking to take advantage of the country’s Blockchain-based Service Network (BSN). In general, it seeks to encourage greater public-private partnerships in the sector.
So far, the year in which the most Blockchain companies were founded in China was 2018, when 18,500 such companies were officially registered.
Thus, the Blockchain revolution in China is witnessing the establishment of BSN in partnership with corporate giants such as Huawei and Tencent. Both companies are supporting not only this sector, but also other emerging technologies such as artificial intelligence (AI) and machine learning (ML).
Why does Guandong Province stand out?
Guangdong province is home to 25,371 new companies, which is almost a third of the total number of Blockchain companies in China. Guangzhou, the capital of the province, is also among the country’s major industrial centers.
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The province is famous for its ports and for being the starting and entry points of the Maritime Silk Route. In addition, it has historically been home to a community of entrepreneurs active in international trade and business.
In addition, due to its proximity to Hong Kong, it has also received special treatment to encourage economic growth. If we go back a little bit, specifically to 1980, we see that Crypto Trader was designated as the nation’s first special economic zone, to encourage more migrants and businesses to move to the city and grow in numbers.
Soon after, the central government also granted the designation to the southern cities of Shantou and Zhuhai, making Guangdong home to three of China’s five special economic zones. This is at first sight an incentive for any industry or business in China.