China offers incentives to local blockchain entrepreneurs

china blockchain

In China, the cryptographic activity is huge, in fact the highest hash rate average of most of the best-positioned cryptocurrencies in the market comes from the Asian giant.

However, despite the fact that the Chinese authorities have been very restrictive on the one hand regarding the adoption of cryptocurrencies and have even limited their use and adoption as we already know at the end of 2017, it is also true that in terms of blockchain entrepreneurship  and development of innovations with this technology have another perspective, placing blockchain development within their official technological growth plan.

Blockchain intellectual property

In fact, the vision of the Chinese government is that its country is going to be a global leader in blockchain technology, and for this it is not sparing on incentives for entrepreneurs and companies to advance their projects, providing incentives in terms of intellectual property protection, among other things.

More specifically, the Chinese authorities at both the local and national levels have been actively encouraging technology companies that seek to protect their intellectual property rights in the area of ​​blockchain innovations.

Among these incentives are the subsidy of application fees and the obtaining of patents, as well as the offer of rewards for the filings of blockchain patent applications, and granting tax credits to blockchain patent production.

A key aspect in this issue of encouraging the Chinese local creation to lead the global blockchain market and innovation, is that the Chinese authorities, seeing how Chinese private property and capital companies seek to anticipate their foreign competition , have decided to establish a fund of investment and allocate an unprecedented amount of money to help them achieve that goal, thus giving an unprecedented step in terms of initiative, vision and incentivized development.

Among the main companies linked to China that are highlighting blockchain innovation, we can mention for example Baidu, Alibaba and JD.com, who have already advanced in the adoption of blockchain technology to improve their commercial operations, as well as venturing into the presentation of blockchain patent applications.

Also for its part, the Chinese public sector has been venturing into the adoption of blockchain to boost the economy, as for example the case of the Agricultural Bank of China who recently revealed that they successfully completed a loan of $ 300,000 using a private blockchain for it.

China has understood the potential of blockchain technology and made the development of it a national priority. In fact, Chinese President Xi Jinping has referred to the blockchain as an “advanced technology” making public the plans to make China a center for blockchain startups.

Although the initially rigid position of China regarding the ICOs and the commerce with cryptocurrencies in general, it is foreseeable a controlled flexibilization in favor of the development of the blockchain initiatives that will continue to emerge in that country, since it would be a contradiction that they maintained restrictions that would hinder their purpose to position itself as a global leader in blockchain development.