Report: The production scale of China’s blockchain industry will double in 2019

According to the institute’s estimate, in 2019 the number of active blockchain companies in the country will reach 600, and their expected scale of production will be more than 800 million yuan ($ 116.5 million).

The document assessing the development of the DLT industry in the country noted that in 2018, China’s blockchain industry policy was significantly optimized, its technical capabilities increased rapidly, and the use of technology gradually expanded.

“In 2018, large IT Internet companies developed blockchains, and startups went into a breakthrough phase, the frequency and volume of investments, and the financing of which increased dramatically. With the promulgation of relevant documents on the development of the industry by responsible ministries and state commissions, political support has increased, and a good atmosphere has gradually formed for the industrial development of blockchain technology, ”the report says.

CCID experts noted the growing competition among the basic blockchain platforms in which Ethereum and EOS stand out, while others, including Chinese projects, are trying to follow them.

The institute sees a similar situation in the blockchain-consortium sphere, where, in their opinion, IBM’s Hyperledger Fabric stands out, which offers ready-made solutions for a variety of industries. But such Chinese companies as Alibaba, Tencent, and Huawei have already launched their DLT platforms and are entering the global market, experts at CCID said.

Among the difficulties that the development of China’s DLT industry will face next year, the institute’s experts highlight the solution to the blockchain security problems and the lack of qualified personnel.

Recall, earlier it was reported that in 2018, the central and regional governments of China sent over 40 billion yuan of investments to the technology sector (approximately $ 5.82 billion). Recently, the Ministry of Industry and Information of China presented four national standards for blockchain technology, which should contribute to the development of the DLT industry in the country.

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