The Asian company Forkast, or more specifically its research department, has comprehensively and thoroughly analyzed the power of integration and application of blockchain technology in China.
Forkast Insights presented its first report on December 5th, which addresses the extent of blockchain applications by both the Chinese government and the Chinese government. The report presents a rapidly evolving technology that finds a multitude of uses in everyday life and goes far beyond the experimental stages.
Forkast Insights’ research was based on the insights of the best Chinese researchers and researchers in the blockchain technology market and blockchain workers, and then thoroughly analyzed.
Blockchain Technology in China
The report examined the relationship between the use of blockchain technology by companies and the experience of its use by consumers in everyday life. In addition, China’s leadership in the patent race for blockchain technology and how the Bank of China is coping with the preparations for the introduction of the digital yuan as a rival or counterbalance to Libra to be emitted by Facebook are thoroughly reviewed.
Cointelegraph, forecasting the development of blockchain technology in the Chinese market, in November presented analyses showing that the blockchain market in China may grow annually, and in 2018 to 2023, by as much as 65.7% annually. By the end of 2023, the value of blockchain in China is expected to exceed the sum of two billion US dollars.
This growth is, of course, to be fostered primarily by the actions of politicians, and then Chinese officials. The most striking example of this was when China’s President Xi Jinping called for more adoptions and support for blockchain technology. There is no doubt that in a country where a single political party operates, obtaining its loud consent will result in an increase in this activity, and it is therefore China and not the United States that is on the path to dominating the world in adopting blockchain technology.
Xi did not speak in general terms, but identified dozens of practical cases to be used for blockchain, which should be promoted. He distinguished between loans, health care, the fight against forgery of documents, charity, or security in the production and distribution of food. He strongly emphasized that the development of blockchain technology in China can provide an advantage in innovative aspects of the new market in terms of both theoretical considerations and industrial applications.
The Chinese big jump
China’s current rulers attach great importance to the digital economy, so blockchain-based industries or participating industries have a very good foundation for expansion and development. In addition to the planned digital currency, there is even talk of the use of blockchain technology by the Chinese army.