Spending on Blockchain in China to Exceed $2 billion by 2023

Christopher Zenios13/11/20192min
A recent report from the IDC based on market intelligence predicts rapid growth for blockchain in the next three years with investment in the sector exceeding $2 billion.

The report follows the Chinese President Xi Jinping endorsing distributed ledger technology (DLT).

The report predicts that spending on blockchain projects in China would see an annual growth rate of 65.7% from 2018 to 2023. Currently, the main spending on blockchain is seen in areas of banking. However, other areas such as manufacturing, professional services, and retail industries also attracted funds.

China is embracing the technology, recently during a session of the Political Bureau of the Communist Party of China, the Central Committee stressed the importance of blockchain in today’s breakthrough technology and industrial transformation.

IDC researcher, Xue Yu, comments that the official recognition of blockchain will push adoption and drive spending growth in the sector.

This news and backing of President Xi Jinping have resulted in a positive effect on the industry, The price of Bitcoin increased over 40%. WeChat reported increased searches for “blockchain” and “bitcoin” at 1,200% the day after the President’s announcement.

Other countries and businesses also realise the industry benefits of applying blockchain technology with companies such as Coca-Cola using blockchain technology.


Image source by CoinDesk

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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