According to Xinhuanet, the US market analysis agency IDC released a report saying that China’s official recognition of blockchain technology will promote the application of blockchain and spending in this area. Xinhua News Agency quoted IDC as released on November 7. According to the research report, from 2018 to 2023, China's spending on blockchain technology will grow at a compound annual growth rate of 65.7%. By 2023, China's spending on blockchain technology will exceed US$2 billion. . In 2019, most of China's spending on blockchain technology occurred in the banking industry, and other high-spending industries included manufacturing, retail, professional services, and process-based manufacturing in the supply chain.