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

Shelley HumphreysShelley Humphreys13/11/20192min
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

Shelley Humphreys

Shelley Humphreys

Shelley started her education in Legal Studies followed by employment in a UK energy Firm. In recent years attention has been turned to content writing specifically on the subjects of investment and real estate. Alongside this she has also worked with UK based Travel Agency, this diverse background makes her well equipped to write on a range of subjects. Contact Shelley at +357-22029786 ext: 6126 or by email at shelley@highworthcitizen.com for editorial related questions.



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