Forkast Insights, the research arm of Asia-based Forkast, took an in-depth, comprehensive look at how blockchain technology is integrated in China.<\/p>\n
On Dec. 5, Forkast Insights\u00a0presented<\/a>\u00a0its 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 \u201creal-world, practical use cases that are far beyond the experimental stage.\u201d<\/p>\n 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\u2019s largest economy is experiencing this innovative technology.<\/p>\n The report takes a closer look at how blockchain implementation in China\u00a0compares<\/a>\u00a0to 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\u00a0patent<\/a>\u00a0race, and how The People\u2019s Bank of China is racing to\u00a0launch<\/a>\u00a0a digital token to challenge the United States dollar, among others.<\/p>\n In November, Cointelegraph\u00a0reported<\/a>\u00a0that China\u2019s 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.<\/p>\n With China president Xi Jinping\u2019s recent\u00a0call<\/a>\u00a0to 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\u00a0lagging<\/a>\u00a0behind quickly.<\/p>\n Xi identified dozens of practical use cases that should be promoted: loans, health care, anti-counterfeiting, charity and food security, while he\u00a0emphasized<\/a>\u00a0that blockchain development could help China to \u201cgain an edge in the theoretical, innovative and industrial aspects of this emerging field.\u201d<\/p>\n 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.<\/p>\n Even the Chinese army is now reportedly\u00a0thinking<\/a>\u00a0about using blockchain technology to aid its military, by implementing the technology to reward the workforce and manage personal data.<\/p>\nChina on its way to dominate blockchain innovations<\/h2>\n
Big leaps for blockchain in China<\/h2>\n