IDC: China to invest up to $2 billion in blockchain by 2023

IDC: China to invest up to $2 billion in blockchain by 2023

November 11, 2019 by
According to the International Data Corporation (IDC), China will invest up to $2 billion in the development of blockchain companies by 2023. Average annual growth of the industry will be 65.7%

According to analysts, this year the largest amount of funds was invested in banking and payment technologies, as well as in the retail industry. Additional spending in other areas will ensure the widespread diffusion of innovation. Researchers emphasized that blockchain with fixed data records in a decentralized network has different application scenarios.

Recall that the President of the Republic of China, Xi Jinping, recently called for the acceleration of blockchain implementation in the country, citing the latest technologies as the basis for transformation in industry, finance and other sectors.

The other day, the Chinese national publication Xinhua published an article entitled “Bitcoin – the first successful application of blockchain”. The publication discusses the intricacies of blockchain and cryptography, and explains terms such as “consensus,” “mining,” and “half an award for blockchain mining.

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