How CBDCs drove blockchain adoption in 2020

2020 has been a year full of challenges for the world, but for a country like China with such a large population base and rapid development, it has also been a year of opportunities.

On Oct. 24, 2019, China officially upgraded its blockchain technology to be a national strategic priority. One year later, the development of China’s blockchain industry has been at the forefront of the world in many ways.

The number of China’s disclosed blockchain projects ranks highest

According to a research report from Gyro Research, a Chinese blockchain media company, from Oct. 24, 2019 to Sept. 1, 2020, the number of global blockchain projects was on a downward trend. Approximately 345 new blockchain projects around the world were disclosed — a decrease of 163 compared with the same period the previous year. China ranks first with 252 projects, which is about 73% of the world and a 12% increase year-on-year, and its number of use cases far exceeds the United States, which ranks second with 27.

Meanwhile, it’s clear that China’s blockchain policy plays a significant role in this area. The increasing number of projects peaked after the release of the policy. Among the 252 projects, 56 were added in November 2019 after the policy was released, and 48 were disclosed in December 2019, after which the number of projects gradually flattened out.

From the perspective of regional distribution, Beijing, Shanghai, Shenzhen, Zhejiang and Guangdong are the five major Chinese provinces that actively promote the implementation of blockchain. According to the incomplete statistics from Gyro Research, technology projects are mainly concentrated in the fields of government affairs, public services and finance.

In addition local governments, some publicly listed companies — such as Tencent, JD.com, Xiaomi, Huawei, Baidu, etc. — are also actively promoting the design and adoption of blockchain technology. Speaking on the status of blockchain adoption this year and the plan for next…

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