A report published by Securities Daily explained how China’s publicly-listed companies spend the millions they have allocated toward blockchain R&D. The study surveyed 23 companies in China who began working with blockchain back in 2016. Figures suggest that companies allocate an average 20% of their annual revenues toward such purposes. The majority of these funds are spent to further government-related solutions.

The report highlighted that Yuanguang Software, an enterprise software provider, have increased their related research spending by around $24.3 million since 2016. Other companies, such as Xinchen Technology, have actively spent funds on blockchain-related government research projects in an effort to strengthen the nation’s financial sector.

Chen Xiaohua, the chairman of the China Mobile Communications Federation’s Blockchain Professional Committee, commented on how blockchain interest has grown amongst publicly-listed Chinese companies:

“Listed companies can use blockchain technology to improve their products on the one hand. Awareness and brand promotion, on the other hand, use blockchain technology to improve its own technological level, break the structural constraints of the traditional Internet model, and an in-depth layout of the digital economy.”

According to a report titled “2020 Blockchain Industry Development”, Chinese companies have applied for 4,435 blockchain patents — over half of all global blockchain patents. This surge in interest followed Chinese president Xi Jinping’s endorsement of the industry.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Crypto-Friendly Travel Site Travala Posts 503% Revenue Increase, 72% of Bookings Paid With Cryptocurrencies
Investing In Bitcoin – How To (My Experience With Crypto)
HOW TO INVEST $100 A WEEK IN BITCOIN & CRYPTO TO BECOME RICH IN 2021 [3 Millionaire Portfolios]
“Cyclical Nature Of Bitcoin” Could Provide Clues On Continuation Or Correction Launches High Yield APY DeFi Farming on

Leave a Reply

Your email address will not be published. Required fields are marked *