In 2017 in China there was an exponential growth of blockchain startups

In 2017 in China there was an exponential growth of blockchain startups

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Only in 2017 appeared in China nearly 40% of the total number of all available to date blockchain startups. Such data are contained in a new paper published by the  Ministry of Industry and Information Technology of China, writes CoinDesk.

The results of the study were presented on Monday, may 21, in an extensive report on the state of the blockchain industry in China. It is noted that currently in China, there are 456 startups, to which the development of blockchain technologies and applications is part of their core business.

Thus, if in 2016, the number of blockchain companies tripled in comparison with the previous year, in 2017 has been “exponential growth” in total, the industry has added 178 new startups.

A similar trend was observed in the area of equity financing blockchain startups. Currently, there are 249 of initiatives directly aimed at blockchain startups, and nearly 100 of them were launched in 2017 – more than it was in the period between 2014 and 2016. It is noteworthy that only in the first quarter of this year, there were already 68 initiatives in the field of financing blockchain startups.

The document also States that the current patents act, which was drawn up ten years ago may be out of date when it comes to the protection of intellectual property in the field of blockchain technology.

In particular, the current law protects only those scenarios of the use of technology that directly described in the patent applications and, therefore, likely to need modification.

“But the blockchain is a foundational technology that has a wide range of usage scenarios. To demand from the authors of patent applications to list all the potential scenarios is not only difficult, but also expensive,” — the document says.

We will remind, last week the Chinese authorities have made the first rating of cryptocurrencies, headed by Ethereum.

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