A report published by Securities Every day defined how China’s publicly-listed firms spend the thousands and thousands they’ve allotted towards blockchain R&D. The examine surveyed 23 firms in China who started working with blockchain again in 2016. Figures counsel that firms allocate a mean 20% of their annual revenues towards such functions. Nearly all of these funds are spent to additional government-related options.
The report highlighted that Yuanguang Software program, an enterprise software program supplier, have elevated their associated analysis spending by round $24.three million since 2016. Different firms, akin to Xinchen Know-how, have actively spent funds on blockchain-related authorities analysis tasks in an effort to strengthen the nation’s monetary sector.
Chen Xiaohua, the chairman of the China Cell Communications Federation’s Blockchain Skilled Committee, commented on how blockchain curiosity has grown amongst publicly-listed Chinese language firms:
“Listed firms can use blockchain expertise to enhance their merchandise on the one hand. Consciousness and model promotion, alternatively, use blockchain expertise to enhance its personal technological stage, break the structural constraints of the normal Web mannequin, and an in-depth structure of the digital financial system.”
In line with a report titled “2020 Blockchain Business Growth”, Chinese language firms have utilized for 4,435 blockchain patents — over half of all international blockchain patents. This surge in curiosity adopted Chinese president Xi Jinping’s endorsement of the trade.