China Looking to Spend $2 Billion on Blockchain by 2023

[cheezcarls]

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.

Here is the source link for the news

I would honestly say that since China censors anything that is anti-blockchain, this is a very good sign that they would finally adopt the blockchain technology in their country. Not only that, they removed cryptocurrency mining from the list of banned industries in the country.

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

Let me know your honest thoughts, comments or feedback about this one. Thanks in advance!

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[Jating]

Even prior to their current statement supporting blockchain, China Already Leads The Patent Race.

So obviously, they have embraced blockchain so I'm not surprised that they are going to spend huge amount as per the article in the next coming years. What will be effect on crypto? I guess we will have to see, I mean we all know that blockchain is not equal crypto, so we can't really say that it will bring positive news to the whole market in general.

[mk4]

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

One thing's for sure, "China Looking to Spend $2 Billion on Blockchain" doesn't necessarily mean that China will be buying bitcoin or cryptocurrencies. As far as I know, it's most very likely for them to use the said money to build their own blockchain, most possibly for them to have greater surveillance over their citizens. If anything, it gives "blockchain technology" more legitimacy worldwide. Now, will that impact prices? Maybe, maybe not.

[muslol67]

234252344th article we read about China. But we hear different things every time. Nevertheless, as it is the country with the greatest potential among Asian countries, China's decisions are very important. I don't know if China's Blockchain investments will make a direct contribution to cryptocurrencies. But it will increase the awareness of Bitcoin.

[ChrisPop]

It's quite a paradox that communists which are supposed to be more outdated and more conservative(against new technologies) are investing more and more into blockchain tech while I don't hear much hype from the USA or great Europe countries like Germany or France.. They'd better step up their game or China will take the lead if it is not already leading.. Blockchain is just a more efficient way of doing things that also adds transparency, immutability, etc. to the process. Blockchain doens't mean cryptocurrency though.

[Velkro]

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

If i  will see it i will believe it.
These are just word and often it happens when some people talking about investing in blockchain they have no clue in reality what it is.
They want to pretend as innovative and with knowledge when this is not true.
Only true usage of blockchain is Bitcoin and it will be hard to push it for elections because goverments want to control it themselfs, not by some technology they don't understand in million years.

[Kyraishi]

It's China - I think it's pretty apparent that they are undergoing something called Industry 4.0 (which is when a country or economy starts to focus on technology like blockchain's, robotics for more automation in the future).

It's going to be interesting to see how well that 2 billion is going to be spent, it's no doubt that China is a huge economy but how they spend all of this money is going to determine if they end up leading the blockchain revolution, or become a laughing stock

[hatshepsut93]

I would honestly say that since China censors anything that is anti-blockchain, this is a very good sign that they would finally adopt the blockchain technology in their country. Not only that, they removed cryptocurrency mining from the list of banned industries in the country.

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

Let me know your honest thoughts, comments or feedback about this one. Thanks in advance!

China can easily say that Bitcoin is bad, because it's used by terrorists or whatever other excuse they might come up with to ban it. You seem to think that Bitcoin is a part of some "blockchain technology", but people who advocate for blockchain tend to criticize and dismiss Bitcoin. This was even coined in a "blockchain, not Bitcoin" phrase that was popular a few years ago. All these companies and governments view blockchain as a tool to gain more power, they don't want no decentralization and freedom for regular people.

[TGD]

This is very bad news for Bitcoin and Blockchain Technology Altcoin holders like ETH,EOS,ZIL and many more. With this funded research about blockchain. I sure that they will come up to the most fastest and advance blockchain in the world by 2023. This will be another breakthrough for China to advance there economy standing against their leading competitor USA that still don't support blockchain. I'm sure that USA will make a big move soon and will not let China on this economic war. Maybe they will approve already Bitcoin ETF.

[Lucius]

It's quite a paradox that communists which are supposed to be more outdated and more conservative(against new technologies) are investing more and more into blockchain tech while I don't hear much hype from the USA or great Europe countries like Germany or France.

Communism in China is adapting, it is the only way for China to compete with Western democracy. The government has nothing against technology if it is the one who controls it, and blockchain is obviously something that is recognized as a technology that will be of great use to such a large country.

The problem for the USA or EU is in what we call democracy, decisions are difficult to make, and there are too many conflicting interests which are slowing progress in some areas. In China there are no such problems, the Communist Party makes its decisions unanimously, and people just have to accept it.

Some may say that the EU is not doing anything when it comes to blockchain, but that is far from the truth. Maybe China just reacted to the move of EU.

The European Blockchain Partnership, created in April 2018, joins at a political level all EU Member States and members of the European Economic Area (Norway and Liechtenstein). The signatories of this declaration will work together towards realising the potential of blockchain-based services for the benefit of citizens, society and economy. As part of this commitment, the Partnership is building a European Blockchain Services Infrastructure (EBSI) which will deliver EU-wide cross-border public services using blockchain technology. In 2020, EBSI will deploy a network of distributed blockchain nodes across Europe, supporting applications focused on selected use cases. 

[joinfree]

it's such a great relief to see the Chinese country finally adopting the blockchain technology with such a huge investment. I think the government of Chinese has now realized the huge impact and economic growth that blockchain technology can offer to them hence the reason for spending such a huge amount of money on this initiative.

[tsaroz]

China is looking up to be the leader in blockchain technology the same way it wants to lead in every technology and innovations.
But the blockchain being talked would have no virtues like anonymity or financial freedom. It would be a public ledger and all the information shared to at least CCP.

[Darooghe]

China is going to make own Crypto for the reason it's government feels threatened by the coming revolution. It is exactly the same with Facebook(Libra), Venezuela (Petro) and the banks(Ripple). also China Government loves blockchain, now you can't stuff paper money under your mattress, to be apart of society you will have all your money on a public governmental China's Communist Party blockchain.

It's good and bad. Implementing blockchain in society helps people understand the underlying principle of how the BTC ecosystem works. However, this is not the way that paves to mass adoption. Now every citizen will be assigned a wallet on their blockchain and every purchase will be monitored by the government. So we continue to wait as politicians slowly come to light with FIATs epic collapse. The fact that they are still ignoring the problems we face with our currency just means the crash will be that much more epic. China will be the first.

[Willitivity]

China has been on the sideline as regards to Blockchain technology, its adoption and application. But with the move they made recently, they are really creating much waves at the moment. I won't be surprised if China turns out to be the world's Blockchain Power in the nearest future. This will surely shake other countries up, maybe the massive adoption we are predicting is gradually getting started

[sehoon]

As one of the world's largest economy, it is not surprising that China is looking to spend this huge amount of money to one of the top technologies of this generation. Doesn't really mean they are into bitcoin but they want the technology behind bitcoin to provide better surveillance or services for their people.

[squatter]

What would be your thoughts about China spending $2 billion on blockchain in 4 years from now? What would be the possible effect in the cryptocurrency market?

This spending has very little to do with cryptocurrency. The mantra "blockchain, not Bitcoin" comes to mind:

In the current year, the majority of blockchain spending focused on the banking sector. Elsewhere, the manufacturing, professional services, and retail industries also attracted funds for DLT projects.

According to Xue Yu, a researcher at the IDC and author of the latest report, the official recognition of blockchain will push adoption and drive spending growth in the sector.

Interestingly, this morning, Bitcoin made the headlines in Xinhua, a publication backed by the Chinese government. Nevertheless, the article, titled ‘Bitcoin: The First Successful Application of Blockchain Technology,’ doesn’t praise cryptocurrency.

As such, it's difficult to say what effect (if any) this will have on the cryptocurrency market.

[btc_angela]

It's quite a paradox that communists which are supposed to be more outdated and more conservative(against new technologies) are investing more and more into blockchain tech while I don't hear much hype from the USA or great Europe countries like Germany or France.. They'd better step up their game or China will take the lead if it is not already leading.. Blockchain is just a more efficient way of doing things that also adds transparency, immutability, etc. to the process. Blockchain doens't mean cryptocurrency though.

But they don't have that backward mentality that other communists country that still exists to this day. They have grow so big right now that US is really threaten, so I wouldn't be surprised if they are in the forefront today. But yeah, we all know that this move has nothing to do with cryptocurrency, blockchain ≠ crypto. They just see blockchain technology as something that can really improved their efficiency say for example, in their mass production, "Made in China", thingy.

[dimastegar]

But they don't have that backward mentality that other communists country that still exists to this day. They have grow so big right now that US is really threaten, so I wouldn't be surprised if they are in the forefront today. But yeah, we all know that this move has nothing to do with cryptocurrency, blockchain ≠ crypto. They just see blockchain technology as something that can really improved their efficiency say for example, in their mass production, "Made in China", thingy.

As always, China is always one step ahead in cryptocurrency matters. Since Xi Jinping has said that China will explore research on the uses and opportunities that exist on the blockchain. And I'm sure people will not be surprised by China's move to spend billions of dollars to develop a massive blockchain in China.

[goaldigger]

As one of the world's largest economy, it is not surprising that China is looking to spend this huge amount of money to one of the top technologies of this generation. Doesn't really mean they are into bitcoin but they want the technology behind bitcoin to provide better surveillance or services for their people.

They need to conquer everything for them to become stronger, and spending a lot of money on this project is a very serious work for them. They have the money to support this project and we know that China wants to control the market and if they did a better job on this, their people will still be using a centralized technology that is under the government of China. I just hope that they don't control the whole market, we still need to be decentralized here but this is good progress.

[dothebeats]

They’d probably be looking to capitalize on them being the leader of blockchain development to establish rules and regulations that are aligned to their goals/aspirations that they want to achieve. Having said that, I don’t think that everything will be open and decentralized as they can be, or at least what we know how blockchains work. I’m still keen to know how would China oversee anything and how would they be able to facilitate and use the $2B investment on the said aspect of technology.