Ever noticed how Asian countries seem to have the greatest potential to lead the adoption of blockchain when compared to their western counterparts?
Let me take a wild guess here. You’ve probably read an article online making the case for Asia’s takeover of the global economy through blockchain? Right?
Will the East trigger the next mammoth bitcoin rally?
No bull shit predictions here, just plain facts. That’s right, fact!
Should China move forward with its plan to invest in blockchain, they could emerge as the Super Economy of the world before the end of this century. Why else would China be building such a huge blockchain infrastructure?
Still not convinced about blockchain Asia? Check this out!
Blockchain – A Gateway to the East
The East is red again. More precisely, red with strength, power, and determination to lead the world in blockchain development. To go in-depth, reports indicate that China has the highest number of blockchain-based projects currently underway, 263 active blockchain projects, roughly 25% of the global total.
To further illustrate this growth, the Beijing based think tank – EO Intelligence – found that by December 2018, there were 615 blockchain companies based in China. In particular, a majority of these firms are developing blockchain technologies for the financial industry. In other words, the Chinese financial sector is finding more use in blockchain than for other sectors. Specifically, use cases in asset securitization for brokerage firms and banks institutions.
So why is this significant? Eventually, blockchain will open a gateway to the Mainland China stock market.
China Edging Ahead As A World Leader In Blockchain
Above all tech-savvy nations in the world, it’s not entirely shocking to find China ahead in decentralized tech. Despite the fact that the Xi Jinping-led Government imposing a ban on Initial Coin Offerings, he endorsed the underlying blockchain tech last year. Hence, the Chinese government has centered fiscal power on nurturing blockchain technology. As such, the country has witnessed exponential growth in blockchain firms, with over 100 startups projects emerging in 2017 alone.
Surely, we can’t afford to underscore the value of doing business within and around China. For this reason, blockchain technology is used to cultivate and promote a collaborative community for Chinese startups to gather, share experiences and endeavors.
Forget the West and look to the East
Indeed, the West should be worried. While the SEC is taking its time with regards to regulation on crypto-assets, their inaction is stifling blockchain innovation. On the contrary, China is getting ready to dominate the blockchain space. How is China doing this? Certainly, the Chinese are not letting the blockchain industry run wild.
During the start of this year, Beijing implemented progressive regulations that require blockchain service providers to register with the Cyberspace Administration of China (CAC). Among the 197 companies registered and regulated as blockchain service providers are large tech giants such as Alibaba, Tencent, and Baidu.
The bottom line: Although a PWC report citing 600 executives from 14 countries view the US as the global leader in blockchain tech, the report also expects China to lead by 2023.