This is especially true if they can leverage this with investors to juice a funding round. At one time, China was home to nearly 35,000 blockchain companies, according to publicly available corporate registration data. Of course many were firms jumping in by adding blockchain to their name to access development subsidies, as well as out-and-out frauds. That number, according to SCMP’s report, is down to around 1,800, so the herd has been thinned.