China Firms Have Highest Confidence On Blockchain Technology Compared To Firms Elsewhere

A report published by Deloitte, one of the Big Four audit firms, indicate that nearly 73% of Chinese companies have blockchain as one of the top five priorities.

To have a clear perspective of blockchain related investments and initiatives taken by enterprises, Deloitte surveyed executives of 1,386 enterprises in 11 countries, including representatives of 200 Chinese enterprises and documented it under the title “Deloitte’s 2019 Global Blockchain Survey.” The survey was conducted between February 8 and March 4, 2019.

The survey revealed that Chinese enterprises have the highest level of confidence in blockchain technology that it is considered as one of the top five priorities whereas only 56% firms in the US has a similar view.

Across the world, 53% of participants have stated that they consider distributed ledger technology (DLT) as one of the top five strategic priorities, an increase from 10% last year.

Paul Sin, head of Deloitte’s Asia-Pacific blockchain lab and consulting partner at Deloitte Advisory, said that China will be employing blockchain strategically and not tactically “more than anywhere else in the world.”

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

Even though China has aggressively implemented a blanket ban on cryptocurrencies, including cryptocurrency exchanges, initial coin offerings (ICOs) and crypto to fiat exchange services in the final leg of 2017, the country is actively engaged in implementation and development of blockchain, the underlying technology of cryptocurrencies.

China made the maximum number of blockchain related patent filings with the World Intellectual Property Organization (WIPO) in 2017.

Furthermore, as of April 2019, the country leads the world in the number of blockchain projects developed. In addition, China doesn’t seem to have any intention to go soft on cryptocurrencies. Notably, In May 2019, WeChat, the most popular Chinese social media giant and payment processing service provider, implemented a ban on the use of cryptos in its payment guidelines.