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Expanding to 65 industry applications with the blockchain industry scale

June 20, 2022

Latest company news about Expanding to 65 industry applications with the blockchain industry scale

As one of the important underlying supporting technologies in the digital economy era, blockchain technology plays an important role in promoting digital industrialization, improving the digital economy governance system and strengthening the digital economy security system. According to the white paper on the annual development of China's blockchain in 2021 (hereinafter referred to as "the white paper") recently released by CCID blockchain Research Institute, the development of China's blockchain industry has accelerated, and the industrial scale has been rising. The industrial scale has increased from 100million yuan in 2016 to 6.5 billion yuan in 2021. The scale of blockchain industry continues to expand


In recent years, the top-level design of blockchain in China has been improved rapidly. The "fourteenth five year plan" proposes to list blockchain as one of the seven key industries of the digital economy, and clearly proposes to promote blockchain technology innovation such as smart contracts, consensus algorithms, encryption algorithms and distributed systems, focus on alliance chains, develop blockchain service platforms and application schemes in the fields of financial technology, supply chain management and government services, and improve the regulatory mechanism. At the same time, various regions have also released policy documents related to blockchain, involving government affairs, industry, agriculture, finance and other fields. Many policies emphasize the integration, research and application of blockchain and new generation information technologies such as the Internet of things, cloud computing, big data, artificial intelligence and so on.


Significant achievements have been made in blockchain standards and specifications, and the system construction has been promoted in an orderly manner. According to the white paper, by the end of 2021, China had studied or developed more than 150 blockchain standards. In 2021 alone, 82 blockchain related standards were added, accounting for 53% of the total number of existing blockchain standards.


The scientific research strength of blockchain continues to increase, and the technological development is steadily increasing. According to the statistics of CCID blockchain Research Institute, by the end of 2021, there were 114 blockchain research institutions in China, of which 3 were newly added in 2021. More than 50 colleges and universities across the country have set up blockchain majors or courses. China leads the world in the number of blockchain patent applications, among which the proportion of invention patents is high, and enterprises have become the backbone of patent applications.


Driven by the two wheel drive of policy and market, and driven by popular fields such as meta universe and digital collections, China's blockchain industry has accelerated its development and the industrial scale has been rising. According to the white paper, most of China's blockchain related institutions mainly provide software development and information technology services. Around the development of digital assets, they have derived many industry forms, such as computing chips, information systems, network systems, trading services, media, etc.

From the perspective of blockchain application market, China's blockchain vertical industry applications continue to expand, and the application market scale continues to rise. According to IDC's prediction, the compound annual growth rate of China's blockchain market will reach 73% from 2021 to 2026, and the market scale will reach US $16.368 billion in 2026. In 2021, the application market scale of traditional industries such as industry and agriculture increased significantly. The data show that the market scale of industrial blockchain increased significantly. In 2021, the added value scale of industrial blockchain was 3.41 trillion yuan, driving the added value scale of the secondary industry to 1.78 trillion yuan. Blockchain applications have been implemented in the fields of finance, government affairs, logistics traceability, justice, medical care, public welfare and charity, community management, transportation and credit investigation. In 2021, 336 application projects were implemented in the whole year.


From the perspective of investment and financing, the investment and financing of China's blockchain enterprises recovered in 2021, and the amount of investment and financing increased significantly. By the end of 2021, there had been a total of 883 investment and financing events in the blockchain industry.

Blockchain development faces problems such as technology application supervision


The white paper points out that the development of China's blockchain still faces many problems, and the core technology has made breakthroughs, but the development of the technology platform is limited, the performance of related technologies needs to be improved, the underlying platform still needs to increase innovation, the risk of "neck" of the core technology still exists, there is a lack of independently developed blockchain hardware technology system such as "Chang'an chain", and the application and promotion of the underlying innovation platform needs to be deepened.


In addition, the current blockchain technology still has many problems in the process of enabling the real economy. The development of blockchain in various regions is relatively independent, the technical standards of blockchain application platforms are not unified, and there are few successful cases that can be promoted in the real economy fields such as industrial manufacturing, transportation and construction engineering. The talent training system is not perfect, the supply of blockchain application talents is insufficient, and there are few high-end talents. It is urgent to fill the gap of blockchain composite talents.


Although new business forms and new models are emerging, the regulatory system has not yet been formed. At present, the supervision mainly focuses on "mining" and "virtual currency", and there is a lack of supervision on emerging businesses such as NFT and metauniverse. Especially for the supervision of the "mixed and complex" meta universe, more scientific and technological forces are needed to improve the supervision efficiency while innovating the supervision methods.

The development of blockchain urgently needs to accelerate the promotion of application mode

For the development of blockchain, the white paper proposes to improve the performance of infrastructure and promote the implementation and application of innovative technological achievements. Accelerate the deep integration of blockchain with artificial intelligence, big data, 5g and cloud computing, and lead the breakthrough development of domestic high-performance blockchain application platforms.

Strengthen the deep integration with the real economy and promote the replication and promotion of scenarios. Encourage regional joint development and jointly build a blockchain collaborative development model. Continue to explore the application scenarios and case promotion of blockchain in the real economy. Accelerate the application of blockchain technology in industrial supply chain management, industrial Internet and other fields, and promote mature application solutions with the help of summit forums, blockchain events and other activities.

In addition, it is necessary to establish and improve the legal system of blockchain. The emergence of new blockchain development models can easily induce the risk of capital market speculation. It is urgent to improve relevant laws, supervise the industrial market, and severely crack down on illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal acts using blockchain as a gimmick. Improve the ability to predict the security risks of the blockchain industry. Relevant departments should closely track the development of the blockchain industry, explore its development rules and predict its potential risks, so as to guide blockchain developers, operators and capital market participants to improve their risk prevention awareness.


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