Forkast Insights has published a report on how Chinese companies and government agencies have embraced blockchain technology, finding that a number of real-world use cases have moved beyond the experimental stage.
Forkast Insights’ report analyzes data from interviews with business executives and stakeholders in Chinese government agencies, as well as China’s Blue Book on Blockchain formulated by financial and technological authorities.
Angie Lau, Founder and Editor-in-Chief of Forkast.News, emphasized China’s positive stance on blockchain, saying, “Beijing understands the fundamental value of Blockchain technology. Without a doubt, China is the most important market for this technology and understanding China is key for anyone that wants to succeed in the region.”
A series of country reports on blockchain will be published by the research firm in 2020.
According to Cointelegraph, China is forecast to spend in excess of US$2 billion on blockchain development by the end of 2023, and blockchain development in the country will see a compound annual growth rate of 65.7% from 2018 to 2023.
On its way to become the world’s leader in blockchain innovations, China has launched a massive number of practical use cases in various sectors, such as finance, healthcare, food security, charity, and anti-counterfeiting. The Chinese military is reportedly the latest sector considering the use of blockchain to reward personnel and manage personal data.
Earlier this year, Chinese President Xi Jinping urged the country to embrace blockchain, saying the technology could help China “gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”
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