Blockchain Takes Off in China, But Cryptocurrency Is Banned
While China has banned cryptocurrency trading, more and more companies are looking for new blockchain applications. The pace of certification of new blockchain services began to accelerate at the end of last year.
The growth of the Chinese blockchain market has accelerated: the total number of services registered with the country's Internet regulator has reached 1,821, according to a review of government documents and interviews with industry insiders, the South China Morning Post newspaper reported on Saturday.
The pace of certification of new blockchain services began to accelerate at the end of last year, according to the Cyberspace Administration of China, which publishes lists of new projects every two to four months.
While cryptocurrency trading is banned in the country, an increasing number of Chinese companies are looking for new blockchain applications, opening up a potentially huge market for services based on the technology, which is a type of immutable distributed registry maintained by various computer nodes of the network, SCMP reports.
The report says that most of the registered services are designed for legal and financial applications and blockchain as a service (BaaS), which allows customers to use blockchain-specific technologies in their business, such as smart contracts.
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