Which Is The Country With The Most Blockchain Projects?

In this world of healthy competition between various countries to cinch the title of the leading innovator in technology, the Chinese are leading when it comes to blockchain technology.

A new report by Blockdata claims that China is apparently leading the blockchain race by being the country with the most number of blockchain projects, currently in the world. This news was first reported by a Chinese English-language news daily called China.org.cn.

The publication claims that according to the report, there are 263 blockchain-related projects in China currently underway, which accounts for 25 percent of the global total. This coincides with earlier reports from other organizations regarding the same. Last year, the World Intellectual Property Organization reported that most blockchain-related patent filings came from China.

Going by the data collected by Thomson Reuters from the international patent organization, China owns over half of the 406 patents in 2017, that were filed for blockchain projects. The country had filed 225 Blockchain patents, followed by the U.S. (91), and Australia (13).

According to Li Qilei, the CTO at blockchain platform developer Qulian Technology, the financial sector is the hotbed of blockchain technology and that is where it is most used, especially to ascertain the security of assets of customers.

Recently, the China Shipbuilding Industry Company Limited, has undertaken a new project to use blockchain in shipping. They have signed an agreement with Shanghai Bank, agreeing to explore how blockchain can be applied to financing its upstream suppliers.

China has thus been making significant leaps when it comes to utilising blockchain technology in various industries across the nation. With the largest population and more than enough manpower to spare, China has quickly achieved the status of an economy to be reckoned with.

Their current prowess in technological innovations might make them a superpower to contend with, very soon.