China, the country that has recently jumped hard onto the blockchain train, will spend over $2 billion on blockchain technology come 2023.
According to a report from the International Data Corporation (IDC), a global market intelligence firm, the country will see an estimated increase of 65.7% in “annual growth rate” from 2018 to 2023.
Additionally, the report reads that most of this year’s spending was towards banking and payment technologies, though other industries like retail weren’t far behind. The idea is that this additional spending in other industries will ensure a widespread innovation regarding blockchain technology.
Of course, this news shouldn’t be too surprising considering the fact that China has been going all-in on blockchain after President Xi Jinping came out to say that his country should be at the top of the blockchain development food-chain, as BeInCrypto has previously reported.
Since the President made these claims, the country has since used blockchain technology to streamline insurance claims, seen Hong Kong introduce new licenses for cryptocurrency exchanges, and introduced the world to a sort of blockchain alliance led by Shanghai, as BeInCrypto has also touched on.
Elsewhere in the world, things are moving along as well, with the likes of Tunisia becoming the very first country to issue its own central bank digital currency. Also, Singapore has been adding blockchain projects to its Sandbox Program, and Malta, the “blockchain island,” is looking like it will thrive in the coming months.
Interestingly, with so many other countries like the United States struggling to implement proper regulatory policies, we might be looking to China to see how a blockchain-centric governmental system works out. It all depends on how this spending, research, and deployment works out in the future.