In China, most blockchain R&D funds are going toward this segment

China's growing interest in blockchain technology spreads to publicly traded companies.

A report published by Securities Daily explained how China's publicly-listed companies spend the millions they have allocated toward blockchain R&D. The study surveyed 23 companies in China who began working with blockchain back in 2016.

Figures suggest that companies allocate an average 20% of their annual revenues toward such purposes.

The majority of these funds are spent to further government-related solutions.

The report highlighted that Yuanguang Software, an enterprise software provider, have increased their related research spending by around $24.3 million since 2016.

Other companies, such as Xinchen Technology, have actively spent funds on blockchain-related government research projects in an effort to strengthen the nation's financial sector.

"Listed companies can use blockchain technology to improve their products on the one hand. Awareness and brand promotion, on the other hand, use blockchain technology to improve its own technological level, break the structural constraints of the traditional Internet model, and an in-depth layout of the digital economy."

According to a report titled "2020 Blockchain Industry Development", Chinese companies have applied for 4,435 blockchain patents - over half of all global blockchain patents.

This surge in interest followed Chinese president Xi Jinping's endorsement of the industry.