According to a report prepared by IDC, China is ready for a $2 billion investment in blockchain technology by 2022. The analysis considered the blockchain sector in general and also the DLT sector, and analysed a growth rate of about 84% for the next few years.
From the report it can be seen that in 2017 alone China invested just under $80 million and that by 2022 this figure will reach almost $2 billion, demonstrating that this sector can bring innovation not only in terms of cryptocurrencies but, as already seen, to several practical aspects of everyday life.
The blockchain, as a technology, can be applied to different aspects of daily life and in the near future will replace all those solutions that are currently centralised, thus making them decentralised. The blockchain brings benefits both from an economic point of view, since it reduces costs in a significant way, and from a security point of view, since it is not possible to attack and compromise a system if it is highly distributed, like that of the blockchain.
The industry is starting to understand and appreciate the blockchain. This awakening will continue in the coming years, as explained by the research manager of IDC China Blockchain Strategies, Yu Xue:
“Many companies across a wide range of industries have started to understand blockchain and its potential to change the business world in 2018. We expect this interest in blockchain to continue in 2019 and the next three years. As the seventh innovation accelerator in the digital economy, blockchain is a great opportunity for many companies to transform inefficient processes into efficient and secure ones”.
China has definitely changed course and would, therefore, be ready for a major investment in order to become a leader in the blockchain sector and face competition. It is certainly a country that could be able to coordinate and finance several projects in different fields, leading to a quick and efficient solution, compared to the hesitant individual attempts of implementing and making use of the blockchain in some sectors.
Finally, there is the concrete possibility of launching a national digital currency project that is likely to arrive next year, thus also from the point of view of cryptocurrencies, China is ahead and is pushing a lot in this direction.