Over 10,000 blockchain companies founded in China this year

In the first seven months of 2020 alone, more than 10,000 blockchain companies have been founded in China, consolidating their leadership in the sector. At this point, the importance that blockchain technology has and will continue to go throughout the world is undeniable. A reality that companies, governments and organizations around the world already began to assume. Which have been involved in stiff competition to get ahead of the blockchain sector. And explains why more than 10,000 Blockchain companies have been founded in China so far in 2020 alone.

The race for the blockchain

In the international system, no country wants to be left behind by its rivals. In a context of anarchy, without a government that can regulate the relations of the different countries with each other, the fact that a State is left behind in the economic, military or technological plane, can be fatal for its own survival.

So it’s no surprise that countries end up engaging in tough competitions to get ahead in new sectors of the economy and technology. In an attempt to gain an advantage over their rivals, to provide them with security and global leadership.

Thus, China, the United States, India, the European Union and a multitude of medium and small powers have invested billions of dollars in the development of blockchain technology. Either directly through investments from its military industries or intelligence agencies. Or with incentives to promote the birth of thousands of blockchain companies within their territories.

China in the lead

But no one can deny at this time that the country that has put the greatest efforts in the development of blockchain technology has been China. A country that, although it has maintained a hostile attitude towards cryptocurrencies within its territory, has spared no effort to promote the creation of blockchain-related companies. Placing this technology as one of the pillars of its national development.

Therefore, it should come as no surprise that just a few months after Chinese President Xi Jinping mentioned blockchain as a priority for Chinese economic development. Crypto market data analytics firm LongHash published a graph showing that so far in 2020, more than 10,000 blockchain companies have been founded in China.

Thus, the year 2020 would have already exceeded the total of 8,595 new blockchain firms created in 2017. On the way to surpassing the record set in 2018, when 18,500 companies were founded. In what has been a boom driven by the entry of the Chinese government into the sector, with the approval of hundreds of new national and regional projects using blockchain.

In this way, China consolidates its leadership position against competitors such as the United States and Russia.