China appears to be very serious regarding their blockchain push. A new document unveiled this week confirms the government will increase its overall spending on this technology over the next four years.
The report by IDC indicates China will spend over $2bn on blockchain by 2023.
That is a very steep amount, as it would require a compound annual growth of 65.7% for four years in a row.
Blockchain Will get a big Boost in China
Despite a strong negative sentiment toward cryptocurrencies, blockchain technology has always been of great interest to the Chinese government.
During this year, the vast majority of blockchain spending has focused on the banking sector.
That is one of the many industries prone to disruption through distributed ledgers, albeit other use cases should not be ignored.
Other industries of interest in China include retail, manufacturing, and professional services.
Those use cases may be the biggest benefactors of the projected increased spending over the coming years.
This news comes about a week after China officially committed to blockchain.
The government has confirmed it will use this transformative technology for a wide variety of purposes.
The nation is on the cusp of going through another round of technological and industrial transformation. Embracing disruptive technologies such as distributed ledgers will allow for new products and services to be created.
The big question is how other Asian countries will respond to the news coming out of China.
Blockchain technology has been praised for several years, despite not seeing that many innovative use cases.
Based on the current sentiment, that situation will change significantly in the years to come.