IDC Makes 10 Predictions for China’s Blockchain Sector, 10% of Chinese Cities to Use Digital Currency by 2023

A new report anticipates a sharp rise in blockchain investment by Chinese businesses over the next several years.

International Data Corporation released its “IDC FutureScape: Worldwide Blockchain 2020 Predictions – China Implications” on 17 February, outlining a total of 10 predictions for China’s blockchain sector.

These predictions include:

1. Cross-border payments: By 2023 40% of China’s first-tier financial institutions will use blockchain networks for node-to-node processing of cross-border payments, bypassing SWIFT and central bank infrastructure.
2. Distributed administration: Blockchain-based solutions will be increasingly applied to legal and judicial matters. By 2023, IDC sees 5% of China’s judicial areas implementing tests of blockchain voting systems.
3. Specialist service certification: By 2021 IDC expects medical and health service providers and clients to reach consensus on blockchain verification standards, and 10% of medical and health organisations to use these blockchain standards for public services.
4. Blockchain services: By 2023 Chinese enterprises will invest USD$2.7 billion in blockchain services (consulting, maintenance, support etc.), accounting for 29% of enterprise management service expenditures.
5. AI and the blockchain: By 2024 over 50% of Chinese companies surveyed will apply blockchain to explainable AI.
6. Blockchain identification: By 2022 5% of Chinese adults will hav registered for digital identification based on blockchain technology, for a market of 50 million people.
7. Distributed supply chains:By 2024, 85% of China’s container shipments will be tracked using blockchains, of which half will employ blockchain-supported cross-border payments.
8. Digital rights management: By 2023 20% of Chinese digital rights will be processed by content creators and distributors using the blockchain. This will increase transparency, prevent piracy and illegal P2P sharing.
9. Blockchain infrastructure: By 2020 over 90% of organisations in China will make use of BaaS platforms as their first choice for blockchain infrastructure during blockchain activities.
10. Digital currency: By 2023 10% of Chinese cities will commence usage of digital currency based on blockchain, expediting the growth of e-commerce.

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