Blockchain Projects in China Are All Hype and No Chain?

Blockchain projects from the very beginning have been hyped before any real substance or proof of work. This was a trend in 2017 following countless exit scams and initial coin offerings (ICOs) that had great plans to change the world, but ultimately only changed people’s bank accounts for the worst. 

The current Chinese report claims that over 30,000 companies use blockchain, however, this number is not even 3,000 according to research carried out by CCTV, a Chinese television broadcaster. 

Blockchain is well known as a buzz word in business, with companies aiming to capitalize on investment and advancement, collecting new suiters to become involved in their businesses. 

Wu Zhen, head of the Key Laboratory of Internet Financial Security Technology of the National Internet Emergency Center was interviewed about the statistics stating:

“There are more than 32,000 blockchains […] However, we found that there are actually not many companies that have blockchain technology or chain ownership […] About 10%, or even less than 10%.”

Since Chinese President Xi Jinping announced that there will be a huge focus on Blockchain efforts in China, it is unsurprising that acceleration for business to move to blockchain will come with hurdles, as China aims to become the number one innovator in the sector. 

It is unclear from the 30,000 companies what the next steps will be, if they will implement Blockchain technology into their systems at later dates, or if it is only for show. 

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