China Aims to Implement Blockchain as Strategic Weapon

Asia Blockchain Review
July 19, 2019

Big Four audit and consulting firm Deloitte released a report on June 27th, suggesting that a majority of Chinese enterprises consider blockchain a top-five strategic priority for the country.

According to Cointelegraph, “Deloitte’s 2019 Global Blockchain Survey” was conducted between February 8th and March 4th, 2019. A total of 1,386 enterprise representatives across 11 countries were polled for the study. The report aimed to assess blockchain technology investment and attitudes across the world towards the technology.

China Demonstrates Highest Confidence in Blockchain 

Of the 200 enterprise respondents from China, 73% “strongly agree” that blockchain is a top five strategic priority, compared to 56% by their US counterparts.

Averaged among all 11 countries surveyed, 53% considered blockchain a top five strategic priority, an increase of 10% from 2018.

Distributed Ledgers Used Strategically for Projects in China 

Paul Sin, Deloitte’s Asia-Pacific blockchain lab leader and Deloitte Advisory’s consulting partner, was one of the contributors to the survey. According to him, China plans to “implement blockchain strategically more than anywhere else in the world instead of tactically.” 

“More projects [in China] are driven by top management who use blockchain as a strategic weapon rather than a productivity tool,” he wrote in the report.

In China, Bitcoin (BTC)-to-fiat exchanges and initial coin offerings (ICOs) have been officially banned since 2017. Nevertheless, its perspective towards crypto has been changing over time. China produced the highest number of patent filings for blockchain technology to the World Intellectual Property Organization (WIPO) in 2017, according to a March 2018 report by the Financial Times.

Source: https://cointelegraph.com 


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