Official State-Run Publication Reports Blockchain Development in China to Reach $2 Billion In 2023

Chinese publication, Xinhua, reports that blockchain technology will reach $2 billion in 2023, and blockchain development in China is expected to increase by a compound annual growth rate of 65.7% from 2018 to 2023.

A study conducted by American intelligence firm, IDC, stated that a large proportion of China’s blockchain spending was headed towards the banking sector in 2019. Other industries where expenditure was high included manufacturing, retail, professional, and process manufacturing.

Research at IDC suggested the recognition of such growth in official reports will further blockchain application and accumulate spending rates in the sector. On a larger scale, reports earlier in the year highlighted that blockchain solutions spending in the Asia/Pacific regions with the exception of Japan would obtain $2.4 billion by 2022.

Following on from the forecasts of stable growth rate for blockchain, Xinhua equally published another industry report revealing to millions of Chinese people to Bitcoin, claiming it to be “the first successful application of blockchain technology.”