There has been an enormous rise of blockchain startups in China this year – whether this occurred because or in spite of the pandemic is up for debate. LongLash, which is a decentralized data provider, recently issued a report according to which so far this year there have been over 10,000 new blockchain companies registered in China. As of now the total number of blockchain entities on mainland China is 84,410. That said, only 39,340 of those entities are operational. The vast majority of them are located in the Southeastern province of Guangdong and the Southwestern Yunnan Province. What is more, many of those startups have been established with a very low capital – as low as 5,000 yuan (or around $717) while others have a starting capital of 50,000 yuan (or $7,175). China banned crypto trading in 2017, but that doesn’t seem to have slowed down the industry. Regarding the size of those blockchains though, I wonder whether it’s just many not particularly wealthy individuals trying to genuinely hop on the blockchain bandwagon, or it’s a wave of bucketshops. What do you think?
The concept of blockchain is not limited to cryptocurrencies. If a regime wants traceability and tracks every transaction/activity every citizen makes on the internet, blockchain can if implemented across the board: https://en.wikipedia.org/wiki/Blockchain#:~:text=A blockchain, originally block chain,that are linked using cryptography.&text=By design, a blockchain is,a verifiable and permanent way".