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

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.

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