The Great Battle for Bitcoin : China vs. USA
Channel: The Nomad Economist
Date: 06/02/2022

China vs. USA: The Great Battle for Blockchain

The technology to likely have the most significant impact on the next few decades is here. It’s not social media or even artificial intelligence, it’s the underlying technologies in all cryptocurrencies such as Bitcoin, and it’s called Blockchain. Blockchain is the next generation of the internet as we know it. It’s a technology that has many applications and holds vast promise for every business, society, and the individual person watching this video . Available data indicate that China is leading the pack when it comes to blockchain technology innovations. As of November 2018, China was the country with the most blockchain projects, with the number standing at 263. Additional data from Blockdata reveals that the country accounts for 25% of all blockchain projects. Similarly, as of December last year, China had 615 registered blockchain firms. Half of these organizations are creating blockchain solutions for the financial sector. Apart from the number of projects and registered companies, China holds the leading position in terms of the number of blockchain patent applications. The closest competitor is the US, which has 28 patents short of China’s number. What is evident from this information is that the state of blockchain In China is advanced more than anywhere else in the world. The cryptocurrency was the primary tool for that. The average person, even in the west, is still not the most familiar with blockchain technology. This being said, I don’t think China pales in comparison to any other country. If anything, blockchain and bitcoin may be more popular in China. China has a significant problem with cash leaving the country by corrupt officials and business people. 80% of the mining power is located in China because electricity is so cheap. Additionally, one of the most popular cryptocurrencies right now, NEO, is based in China. I don’t think there is any shortage of popularity in China in blockchain technology. However, just like the average person of the west, I believe there is a lot more room for growth.

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