A few years ago, it seemed as if the blockchain industry was receiving plenty of attention globally. That situation has now come to change, as most of the VC-based deals take place in China.
It is a well-known fact that China is going all in on blockchain technology.
China Overtakes the US in Blockchain Investments
As such, the government is willing to burn a lot of money to make that happen.
Venture capitalists are also keeping a close eye on blockchain activity in China as of late.
Whereas the US used to be a hotbed for blockchain VC deals, that is no longer the case.
A report by CB Insights shows how China is leading the pack right now.
This shift in momentum has been coming for quite some time now.
Since 2016, China has slowly taken up more market share of blockchain VC deals.
Unlike the United States, China has a clear vision for blockchain over the coming decade.
With the backing of multiple VCs, unlocking the full potential of this technology can happen fairly quickly.
Given the current coronavirus crisis, China may even begin deploying this technology to keep track of the virus.
Blockchains can unlock a lot of tremendous potential, yet it is up to individual developers to highlight its selling points.
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