A new report anticipates a sharp rise in blockchain investment by Chinese businesses over the next several years. See below 10 predictions for China’s blockchain sector:
Cross-border payments: By 2023 40% of China’s first-tier financial institutions will use blockchain networks for node-to-node processing of cross-border payments, bypassing SWIFT and central bank infrastructure.
Distributed administration: Blockchain-based solutions will be increasingly applied to legal and judicial matters. By 2023, IDC sees 5% of China’s judicial areas implementing tests of blockchain voting systems.
Specialist service certification: By 2021 IDC expects medical and health service providers and clients to reach consensus on blockchain verification standards, and 10% of medical and health organisations to use these blockchain standards for public services.
Blockchain services: By 2023 Chinese enterprises will invest USD$2.7 billion in blockchain services (consulting, maintenance, support etc.), accounting for 29% of enterprise management ser-vice expenditures.
AI and the blockchain: By 2024 over 50% of Chinese companies surveyed will apply blockchain to explainable AI.
Blockchain identification: By 2022 5% of Chinese adults will have registered for digital identification based on blockchain technology, for a market of 50 million people.
Distributed supply chains: By 2024, 85% of China’s container shipments will be tracked using blockchains, of which half will employ blockchain-supported cross-border payments.
Digital rights management: By 2023 20% of Chinese digital rights will be processed by content creators and distributors using the blockchain. This will increase transparency, prevent piracy and illegal P2P sharing.
Blockchain infrastructure: By 2020 over 90% of organisations in China will make use of BaaS platforms as their first choice for blockchain infrastructure during blockchain activities.
Digital currency: By 2023 10% of Chinese cities will commence usage of digital currency based on blockchain, expediting the growth of e-commerce.