[ad_1]
A report published by Securities Daily explained how Chinese publicly traded companies spend the millions they have set aside on blockchain research and development. The study looked at 23 companies in China that began working with blockchain in 2016. The data suggests that companies devote an average of 20% of their annual revenues to these purposes. Most of these funds are spent on further government-related solutions.
The report found that Yuanguang Software, an enterprise software provider, has increased its related research spending by approximately $ 24.3 million since 2016. Other companies, such as Xinchen Technology, have actively spent funds on government research projects. linked to the blockchain in an effort to strengthen the nation’s financial sector.
Chen Xiaohua, chairman of the Blockchain Professional Committee of the China Mobile Communications Federation, commented on how interest in blockchain has grown among Chinese publicly traded companies:
“Listed companies can use blockchain technology to improve their products on the one hand. Brand awareness and promotion, on the other hand, uses blockchain technology to improve their technology level, break the structural constraints of the traditional internet model and a thorough layout of the digital economy. “
According to a report titled “2020 Blockchain Industry Development”, Chinese companies have applied for 4,435 blockchain patents, more than half of all global blockchain patents. This surge in interest followed the industry approval by Chinese President Xi Jinping.
