The amount of financing on Chinese blockchain-related projects in January 2018 alone reached $100 million. Private industries, the central government, local governments, and academia are all invested in the technology and cover sectors from finance, energy, and medical to supply chain, entertainment, and social media.

In the private sector, Chinese internet giants Alibaba and Tencent have been displaying strong initiatives in blockchain development by partnering with the city of Changzhou and China Federation of Logistics and Purchasing to advance the medical and logistics sectors, respectively. Local governments have also issued policies to encourage blockchain development, with Shenzhen and Hangzhou launching dedicated funds for blockchain projects. Although of late the government has been clamping down even harder on cryptocurrency speculation, the People’s Bank of China’s filing of over 40 blockchain patent applications suggest the country’s plan for a state-backed digital currency combining the core features of cryptocurrency and the existing monetary system.

Earlier this year, we held TechCrunch International Innovation Summit in Hangzhou, where we invited top representatives from Alibaba, Ant Financial, and Ripple, as well as investment firms and accelerators, to speak about blockchain use cases in the financial sector, blockchain applications to help improve the lives of the less privileged, and blockchain trends in China.

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Suzanne Tsai

Suzanne Tsai is a social media manager based in Beijing. You can contact her at suzannetsai@technode.com.