Report: Blockchain is a rapidly maturing technology in China

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

On Dec. 5, Forkast Insights presented its first report on 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.”

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 economy 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.

China on its way to dominate blockchain innovations

In November, Cointelegraph 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 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.

Xi identified dozens of practical use cases that should be promoted: 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.”

Big leaps for blockchain in China

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 further implementation of blockchain technology throughout the country.

Even 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.