Crypto, the market for blockchain technology slowed down in the past months but it is slowly going back up in the market and booming once again. In this regard, China emerged as leading the world in blockchain after having a quarter share of all the ongoing projects in this business sector.
According to China Org, the nation tops the list in the global blockchain technology with its active projects totaling to 263. This means that China accounts for more or less 25 percent in all of the global blockchain projects.
In the survey review done by Blockdata, the Beijing-based data service provider, it was revealed that a number of businesses in China have been using blockchain due to the privacy, technology, and safety that it offers in the market. In fact, the nation's financial services, consumer retail, logistics, and supply chain, manufacturing and healthcare services in China all utilize blockchain in their operations. With the expanse of how the technology is being used, it is no wonder that the nation took the top spot in the world with the most blockchain projects.
"The main strength of blockchain is in decentralized data management," AMB Crypto quoted Zhang Feixue, Blockdata's chief editor, as saying. "It can serve the real economy in terms of circulation and distribution. In the field of industrial economy, blockchain allows various assets to flow in the digital world, so it is a real gateway to digitalization for industries."
Likewise, Feixue added that the reason why the blockchain technology is popular in China is due to its ability to offer modern digitalization in transactions that help businesses save time and money. Also, Paul Sin, the chief at the Asia Pacific's Blockchain Lab, said that another advantage is that the cryptographical data protection offered by the blockchain can help organizations in synchronizing the data across companies and industries without having to worry about security and safety.
For instance, Sin said that technology has been helping various banking and financial institutions in detecting any suspicious activity such as frauds. He added that the blockchain is changing how the financial services operations in the most positive way.
Meanwhile, the biggest users of blockchain in China include the country's premier companies including Alibaba, Tencent, and Baidu. These three that is commonly referred to as BAT in China have previously announced their own blockchain initiatives for a number of their company projects.
