IDC releases top ten predictions for China's blockchain market in 2020

Source: World Wide Web

News on February 17th, IDC Consulting, an international data company, recently released "IDC FutureScape: 2020 Global Blockchain Market Forecast-China's Enlightenment". The report forecasts the Chinese blockchain market in the next five years, covering the macro environment and market hotspots. , User needs, product and technology trends, etc., for reference by industry companies and related persons.

The specific content of the report is as follows:

Prediction 1: Cross-border payments

By 2023, 40% of China's first-line financial institutions will bypass SWIFT and central bank infrastructure and use blockchain networks to process peer-to-peer cross-border payments.

Prediction 2: Distributed governance

Legal proceedings and adjournment will delay the process of electronic elections, but the blockchain-based electronic voting solution will become the primary solution. By 2023, successful pilot projects will allow blockchain voting systems to be tested in 5% of China's jurisdictions.

Prediction 3: Professional Services Certification

By 2021, healthcare service providers and payers will agree on the issue of blockchain certification standards, and 10% of China's healthcare institutions will use the standard in public services.

Prediction 4: Blockchain services

By 2023, Chinese companies will invest $ 2.7 billion in blockchain services (consulting, implementation, maintenance, support, etc.), accounting for 29% of corporate management services spending.

Prediction 5: AI and blockchain

By 2024, more than 50% of regulated companies in China will use blockchain to support interpretable AI.

Prediction 6: Blockchain Identity

By 2022, 5% of Chinese adults will register autonomous blockchain-based ID cards, and users seek to own and control their digital identities, which will create a market of 50 million people.

Prediction 7: Distributed Supply Chain

By 2024, 85% of China's container shipping will be tracked by the blockchain, half of which will use blockchain-supported cross-border payments.

Prediction 8: Digital Rights Management

By 2023, 20% of China's digital rights will be processed on a blockchain managed by distributors and content creators to increase agency trust and transparency to prevent piracy and illegal P2P sharing.

Prediction 9: Blockchain Infrastructure

By 2020, more than 90% of organizations in China will use the BaaS platform as the first option for blockchain infrastructure when implementing blockchain initiatives.

Prediction 10: Digital Currency

By 2023, 10% of cities in China will start using blockchain-based digital currencies to promote economic stability and e-commerce development.

Xue Yu, IDC's China research manager, said: "At the end of 2019, China's blockchain market ushered in major policy benefits and was called 'an important breakthrough in independent innovation of core technologies.' The policy environment for blockchain development suddenly became clear. It also brings major development opportunities to the industry. The future of China's blockchain market is expected. "