China has seen a massive rise in blockchain companies, with reports revealing that the number of firms in the country with ‘blockchain’ in the title have increased sixfold.
The news comes from the South Morning China Post and it based on business and civil data aggregator Qixin.com. Results show that China currently hosts more than 4,000 blockchain-related companies, and the number of firms with the word in their name has increased massively from 555 last year to 3,078 in 2018.
In comparison, the UK has 335 companies with ‘blockchain’ in their registered name, and the US has 817.
Additionally, 41 per cent of startups that received funding in China in Q1 2017 were blockchain-related, and half the world’s total blockchain patent applications (225) were filed in the country.
China’s Ministry of Industry and Information Technology recently released its first public blockchain ratings following an independent analysis of cryptocurrencies, and rated Ethereum top beating Steem, Lisk, NEO and Komodo.