According to research company International Data Corporation (IDC), China will invest up to $2 billion in developmentblockchain companies until 2023. The industry's average annual growth is 65.7%.
According to analysts, this year the mostfunds were invested in banking and payment technologies, as well as in the retail industry. Additional spending in other areas will ensure widespread innovation. The researchers emphasized that blockchain, with immutable data records in a decentralized network, has various application scenarios.
Let us recall that recently the Chairman of the ChinesePeople's Republic of Xi Jinping has called for the country to accelerate the adoption of blockchain, calling the latest technology the basis for transformation in industry, finance and other sectors.
Also recently, the state Chinese publicationXinhua released an article titled “Bitcoin – The First Successful Application of Blockchain.” The publication examines the intricacies of blockchain and cryptography, and also explains terms such as “consensus,” “mining,” and “halving the reward for mining a block.”
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Copy-paste | While the US and Russia are thinking, China could break into the world of blockchain leaders