Domestic blockchain companies have seen explosive growth in obtaining financing from the beginning of this year, and the concept of uprooting traditional industries with blockchain technology is attracting an increasing number of early investment institutions, Yicai.com reported.

According to the Blockchain Investment and Financing Report 2018 published by China Venture, as of the end of April this year, there are more than 320 blockchain firms operating in China, with an accumulated financing of 8.9 billion yuan (US$1.34 billion).

At least 106 financings were completed in the first four months, totalling 6.3 billion yuan, far more than in previous years.

Blockchain has a wide range of applications in various industries, because it solves the problem of trust among scattered individuals.

So far, the most popular area of blockchain investment remains in the financial sector. In addition to virtual currency, other application directions include payment clearing, information security, Internet of Things, supply chain and public services.