China And Blockchain: Most Patents And More Governmental Funds

China already has the largest number of Blockchain patents in the world, beating global economies such as the US and Japan.

The Chinese government has just funded another $1.6 bln Blockchain fund to finance more projects in the cryptocurrency space.

Chinese government funds $1.6 bln Blockchain InitiativeOn April 9, Chinese publication Sohu reported that the government of Hangzhou has decided to invest more than $400 mln in a Hangzhou-based venture capital firm known as Tunlan Investment, to facilitate the growth of Blockchain startups and projects.

Tunlan Investment, in cooperation with the Chinese government launched the Blockchain Industrial Park in Hangzhou, in an effort to spend over $1.6 bln on Blockchain projects, 30 percent of which will be funded by the local government.

The initiative has already attracted advisors such as Zhenfund founder Xu Xiaoping, who has invested in projects like the Ethereum-based content distribution platform Steem and Lino.The funding of the Blockchain Industrial Park in Hangzhou is the latest effort by the Chinese government to fund and grow Blockchain projects.

The recent initiative introduced by the Chinese government to finance Blockchain projects within China directly contradicts its decision to ban cryptocurrency trading seven months ago.

China is positive towards Blockchain technologyDespite the government's acknowledgement of decentralized cryptocurrencies as a threat to its financial and monetary system, the Chinese government is leading efforts to fund local Blockchain projects because they have embraced the technology behind Bitcoin.

"The mainstream Blockchain technology platforms all originated from abroad. The domestic Blockchain technology service providers should patiently start from the ground floor to make technologies independent and controllable, and strive to lead global Blockchain technology development."

Over the past year, the Chinese government has followed the roadmap by allowing domestic Blockchain projects to start from the ground floor to commercialize the Blockchain.

AliPay and TencentPay, two of the biggest FinTech applications in China, have expressed their optimism towards implementing Blockchain-based payment systems, and some insurance companies have already started to use Blockchain.