In the last 2/3 years Chinese government made a strong acceleration of investments on Blockchain technology. This impulse result from the volition of the main Chinese banks to reduce costs of infrastructures, and mostly is the result of a precise choice of regulators that intend to stimulate the use of blockchain technology to improve transparency and combat fraud in financial sector. Interest in Blockchain by financial institutions, companies and institutions in China is growing: last September BlockApps (on of the main companies on the field of applications and platforms development) has signed important agreements for the development of Blockchain services in China, and already in August, the Chinese government has allied with ChinaLedger (main non-profit institutions that promote the use of distributed ledger technology) and Shenzhen Consortium (financial consortium specialized on Blockchain technology) to enhance the Blockchain industry in China.

As evidenced by leading strategy consulting firm, it is very likely to hold that China can play a fundamental role in the growth of Blockchain technology in the coming years. Indeed there are unequivocal signals to that effect by the Chinese government, which has also announced plans to issue a national virtual currency, becoming the first country to issue an official digital currency.

Spurred by regulators, banks are hiring blockchain experts: the demand for experts in this area has been more than doubled in the past year and is expected to increase this year. It’s a few days news that Postal Savings Bank of China (PSBC) will be the first Chinese bank to use the Blockchain system with the purpose of sharing information in real time and increase the control of shareholders. Banka are also interested because the Blockchain technology helps to reduce costs on infrastructure, in fact the investment banks who have used this system have reduced their costs by 30% over the previous year.