Forkast Insights on December 5 presented its first report on how blockchain is being carried out by companies across the country and the Chinese government. The investigation arm of Asia-based Forkast, Forkast Insights took a thorough and in-depth look at how blockchain technology is integrated in China. Blockchain technology is rapidly growing and has a slew of “real-world, practical use cases that ate far beyond the experimental stage,” according to the report.
It encompasses the in-depth investigation and insights from prime China-based blockchain insiders, leaders, academics to see how one of the world’s biggest economy is experiencing this innovative technology.
The report takes a more in-depth look at how firms use blockchain, how blockchain implementation in China compares to the rest of the world, how China takes the lead in blockchain license race, how Chinese consumers encounter it in their daily lives and how The People’s Bank of China is racing to release a digital token to challenge the U.S dollar, among others.
China on its way to dominating blockchain innovations
According to a report, in November, China’s blockchain development will see a compound annual growth rate of 65.7 percent from 2018 – 2023 and that the technology will exceed two dollar billion by the end of 2023.
With Xi Jinping, China’s president’s recent decision to embrace blockchain technology, the country is well on its way to take the first spot in dominating blockchain innovations and overshadow the United States, that is apparently lagging behind quickly.
Jinping Xi pointed out dozens of practical use cases that should be promoted: health care, charity, anti-counterfeiting, food security, and loans, while he emphasized that blockchain development might help China to “gain a foothold in the innovative, theoretical and industrial aspects of this emerging field.”
Big leaps for blockchain in China:
The use of blockchain has found solid ground in China, with the government attaching a high level of relevance to the digital economy. The careful but promising endorsements are signs that the Chinese government is so considering the further implementation of blockchain technology throughout the country.
Even the Chinese army is currently reportedly thinking of exploring blockchain technology to aid its military, by implementing the technology to manage personal information and reward the workforce.