In a recent published report, Kenneth Research has updated the Market report for China Blockchain Technology Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for China Blockchain Technology Market Products.
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Blockchain technology is used to record Bitcoin transactions via a global network of computers. It is a continuously growing list of blocks (records) that are linked and secured using cryptography. Each new block created is connected to the previous block via a “cryptographic Hash”. Chinese organizations are planning to develop the world’s leading Blockchain-based platform. The Chinese government is backing a blockchain fund of worth USD 1 Bn. Government auditors are looking forward to utilizing Blockchain technology as a solution to store data.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
The database from World Intellectual Property Organization reports that more than half of the 406 Blockchains related patent applications are from China. China is leading global blockchain patent applications. Digitally-minded opportunists are the breakthrough of blockchain in China. The local governments of China are looking forward to working with Blockchain related programs and making investments that would benefit start-ups. China’s top retailers are planning to use blockchain for traceability systems. JD.com, a Chinese e-commerce firm plan to use Blockchain technology for Supply chain management. Blockchain application in supply chain management is expected to grow at a double-digit CAGR
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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China is willing to apply blockchain technology across various domains like mobile payments, and travel bookings. 90% to 100% of the transactions take place through mobile payments, and 65% of Chinese tourists are willing to pay through their mobile phones during their overseas travel, hence increasing the chance of data conspiracy. These factors contribute towards the growth of the Blockchain market. However, the future of Blockchain growth in China will depend on well-designed policies and regulations.
Key growth factors:
o China has shown most significant adoption of e-wallets, hence driving the demand for Blockchain technology
o Chinese policymakers are educating and protecting investor on the nascent and unregulated blockchain ecosystem. The hype on “Blockchain Technology” is pulling both corporations and the general public towards the technology
Threats and key players:
o In September 2017, the Central bank of China announced ICO as an illegal method of raising funds, causing Blockchain projects and start-ups to refund all the Bitcoins and ethereum they had accumulated during ICO campaign to protect investors
o Lack of understanding the technology is one of the critical factors, which is restraining the adoption of this technology. These factors may pose a problem for an investor to decide on investment
o The key Blockchain companies operating in this country are Microsoft Corporation and Deloitte
What’s covered in the report?
o Overview of the China Blockchain Technology market
o The current and forecasted market size data for the China Blockchain Technology market
o The current and forecasted market size data for the segments of the market, by industry– BFS (Banking and Financial services), Insurance, Supply Chain, Healthcare, Others
o Market trends in the China Blockchain Technology Market
o Market drivers and challenges in China Blockchain Technology Market
o Analysis of company profiles of the major players operating in the market
Why buy?
o Get a broad understanding of the China Blockchain Technology Market and its segments- By Industries
o Get region-specific drivers and challenges affecting the China Blockchain technology market?
o Recognize significant competitors’ business and market dynamics, and respond accordingly
Customizations Available
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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