Blockchain Tech In China Is Booming, Even With Only 52% Of Top 50 Internet Companies in Support
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As the blockchain technology continues to grow and expand in different industries, it has been received warmly in most of the sectors. In China alone, 26 of the leading 50 internet companies, about 52%, have ventured into the blockchain tech. These Chinese giant internet companies are helping in the promotion of its application and development. Only two of the top 10 internet companies have not embraced blockchain technology; ByteDance and Meituan.
Chinese leading internet companies like Tencent, Alibaba, and Huawei are related to blockchain technology in one way or another. Huawei and Tencent support blockchain coinless consortium, which currently targets hyperledger fabric while on the other hand, Alibaba invested in a blockchain project QEDIT through its firm Ant Financial.
About sixteen internet companies are taking part in the application of the blockchain tech, 6 in the research field and ecological services, 6 companies in the development of the infrastructure, and 13 companies participating in the development of the technology.
Progressive tech development and technical strength are requisite for the development of blockchain technology. Internet companies such as Xunlei have outstanding technical strength and can put that into better use in the development of the blockchain infrastructure.
Weibo, which is a blockchain-oriented social media platform in China, has been drawing much attention from the cryptocurrency industry over the past couple of months. Weibo, also referred to as lvzhou, to mean “oasis,” is the Chinese “Twitter.” Back in October 2018, the state’s media house People’s Daily Online launched a blockchain-based channel that focuses on providing information on the blockchain technology.
Social media, crypto mining, and games are the mainstream industries targeted for blockchain applications. However, internet companies in China also cover other fields such as medicine, public welfare, and traceability.
Most of the top high-tech Chinese companies are launching their blockchain-as-a-service solution. Going by the trend, blockchain is becoming compulsory for Chinese internet enterprises by default as many of these companies and entering into the blockchain industry.