China’s Institute of Information and Communications (CIIC) claims that, by August 2019, over $10 billion had been invested in blockchain firms worldwide. And
China has the second-highest number of them, behind only the US.
Yesterday, CCTV news
reported how thousands of companies in China take advantage of this by adopting the word ‘blockchain’ without having any use of the technology. Even worse, some use it to defraud investors and customers by claiming that their technology creates trust.
“At present, we have detected the blockchain companies with the word “blockchain” or in its business scope. There are more than 32,000,” said Wu Zhen, head of the Internet Financial Security lab of the National Internet Emergency Center (NIEC).
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