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Most ‘Blockchain’ Firms in China Are All Hype-Chinese State Media Says

Most ‘Blockchain’ Firms in China Are All Hype-Chinese State Media Says

Chinese news show Focus Report has aforementioned that there are around 32,000 corporations in China that claim to use blockchain technology. Reportedly, the real number isn't even 100% of that.

On Nov. 18, the predominant state tv broadcaster in China, CCTV, aired an episode by Focus Report, titled “Blockchain isn't a Cashchain.” The episode takes a better consider corporations who reportedly misuse the idea of blockchain technology to make business momentum and monetary gains.

Cracking down on illegal activity

The Focus Report talked to Wu dialect Zhen, head of the Key Laboratory of web monetary Security Technology of the National web Emergency Center, who said that presently there are over 32,000 Chinese corporations with the word blockchain in its business scope, saying:

"There are over 32,000 blockchains [...] However, we found that there are literally not several corporations that have blockchain technology or chain possession [...] regarding 100%, or perhaps but 100%."

According to the episode, China's blockchain industry is at the forefront of the planet, and also the total range of blockchain enterprises is second solely to the u. s.. However, but 100% of these companies truly use the technology.

As a result, the quantity of legal rulings involving blockchain technology within the country has reached a complete of 566 to this point. due to that, professionals within the field request haste in implementing relevant legislation. Yu Jianing, deputy director of the China Communications business Association Blockchain Committee, said:

"Cracking down on illegal crimes is truly a vital measure to promote more innovation, development and integration of the blockchain business."

China’s push for blockchain adoption

In October, China’s President Xi Jinping caught up the country to accelerate its adoption of blockchain technologies as central to innovation. Xi stressed that the implementation of integrated blockchain technologies is essential in promoting technological innovation and transforming industries.

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