It seems that the Chinese president’s announcement of the necessity of adopting the blockchain will be the starting point for the Chinese government’s adoption of this technology.

show up a report A new report issued by the “International Market Intelligence” company, which abbreviates with the letters “IDC”, says that China’s spending on blockchain technology will witness rapid growth in the coming years, reaching more than two billion US dollars in 2023.

The country’s spending on blockchain technology will be estimated at an estimated compound annual growth rate of 65.7% from 2018-2023.

In 2019, the bulk of the country’s spending went to the banking sector, while discrete manufacturing, retail, services, and inter-process brokerage were among the top industries that attracted blockchain spending.

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For blockchain science is a transformative technology that features an immutable record of data that can be used and shared within a decentralized and publicly accessible network.

Blockchain has multiple application scenarios including its application in cryptocurrencies.

During a study session of the Political Bureau of the Communist Party of China Central Committee last October.

China’s top leadership has emphasized the important role of blockchain technology in the new round of technological innovation and industrial transformation.

She urged that more efforts be made to speed up development in this sector.

Mr. Xue Yu, a researcher at the International Data Center stated:

Official recognition will drive the applications of blockchain technology towards the growth of spending on it and will contribute to accelerating the injection of energy into this sector.

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