In July, he became chairman of Tech4 Blockchain, in Wuhan, Hubei province, an education center supporting Chinese companies in using the technology.

As of December last year, more than 10 universities in China had launched blockchain courses, according to Blockdata, a market consultancy in Beijing. In Hainan province, a blockchain research center was set up last year with the research center from University College, Oxford, in the United Kingdom, to promote joint research in technology and talent cultivation.

Dong, from Blockshine, said cooperation between the public and private sectors is needed if a technology wants to grow, as it cannot do so on its own. "So, governments and companies should work together to push this (technology) forward," she said.

She added she expects the Ministry of Industry and Information Technology to launch a new blockchain standard in the middle of next year, and that an ecosystem with the right policies and standards will further support market growth and provide clear guidance for foreign companies.

Biedermann said overseas blockchain companies and investors interested in the Chinese market must choose local partners carefully. He suggested that foreign companies find a local partner with a good track record of supporting international entrepreneurs and investors.

He said he has high expectations regarding the proposed digital currency electronic payment project by the People's Bank of China, the country's central bank, as it will be a key enabler for new financial products as well as a number of blockchain-related applications.

" (With digital currency) we might be able to fully automate all business interactions in a network of suppliers, manufacturers and their customers," Biedermann said.

Rooz, from Digital Asset, said he is optimistic about the opportunities that will emerge from the Belt and Road Initiative, as blockchain technology can play a key role in making related projects more efficient.

"China is a big player in trade and commerce. Collateral management across borders is an application of blockchain technology that I think is very exciting," he said, adding that opportunities may arise in the digitization of trade finance and supply chains under the initiative.

Polychain's Carlson-Wee said he hoped to see many world leaders and governments follow suit in embracing the technology so that the value it creates can be shared worldwide.

"We hope to continue to work on this with our network of investors and technologists in China," he said.