CB Insights – a research company headquartered in New York – has reportedly published its findings, revealing a trend from China-based startups, to gradually bring up the amount they invest in blockchain. 

Particularly, the report – dubbed “The Blockchain Report 2020” – was widely released on March 11th, revealing that 5 years ago (2015), deals generated from firms located in the US take up half (51%) of the development recorded in blockchain tech. The same figure was only 2% for Chinese firms. 

However, there has been a shift in the scale recently, with the 2019 figures showed that the number of deals coming from US firms has plummeted, with a significant drop down to 31%, while China has witnessed a 22% growth within the given period, allowing for self-consolidation within the blockchain sector. 

“I think that China sees the potential of blockchain for enterprises to understand better, track and get an insight about the financial activity of individuals and business since the announcement of Xi [Jinping] about blockchain, there are a lot of investments.” Tomer Weiss – co-founder and current Director of Partnerships at Upright – reportedly remarked. 

Previously, the president of China – Xi Jinping – has urged the nation to speed up the adoption rate of blockchain, as a core for innovation. 

“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”