Forkast Insights Says ‘Blockchain Is A Rapidly Maturing Technology In China’
Forkast Insights Says ‘Blockchain Is A Rapidly Maturing Technology In China’
December 7, 2019
Forkast Insights Says ‘Blockchain Is A Rapidly Maturing Technology In China’
Forkast Insights Says ‘Blockchain Is A Rapidly Maturing Technology In China’
December 7, 2019

Forkast Insights, the research arm of Asia-based Forkast, took an in-depth, comprehensive look at how blockchain technology is integrated in China.

On December 5, it has been reported by Forkast Insights that how blockchain is being applied by the Chinese government and companies across the country.

According to the report, blockchain technology is rapidly maturing and has a slew of “real-world, practical use cases that are far beyond the experimental stage.”

However, Forkast Insights included the in-depth analysis and insights from top China-based blockchain insiders, academics, and leaders to see how one of the world’s largest economies is experiencing this innovative technology.

The report takes a closer look at how blockchain implementation in China compares to the rest of the world, how firms use blockchain and how Chinese consumers experience it in their daily lives, how China takes the lead in the blockchain patent race, and how The People’s Bank of China is racing to launch a digital token to challenge the United States dollar, among others.

ALSO READ :  OK Group Invests $1.4 Million Into Wuhan-Based Blockchain Startup Yun Qu Technologies

In November 2019, it has been reported that China’s blockchain development will see a compound annual growth rate of 65.7% from 2018 to 2023 and that the technology will exceed $2 billion by the end of 2023.

With China’s President Xi Jinping’s recent call to embrace blockchain technology, the country is well on its way to take the number one spot in dominating blockchain innovations and overshadow the U.S., which is apparently lagging behind quickly.

Similarly, Xi identified dozens of practical use cases that should be promoted such as loans, health care, anti-counterfeiting, charity, and food security, while he emphasized that blockchain development could help China to “gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”

China signs agreement

However, the adoption of blockchain has found solid ground in China, with the government attaching a high level of importance to the digital economy. The cautious but promising endorsements are signs that the Chinese government is indeed considering the further implementation of blockchain technology throughout the country.

ALSO READ :  Chinese Banks Says They Are Not Shutting Down Any Legal Crypto Accounts

Thus, the Chinese army is now reportedly thinking about using blockchain technology to aid its military, by implementing the technology to reward the workforce and manage personal data.

Source: forkast.news | cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.