Applications and Use Cases

China Leads the World in Blockchain Adoption


April 01, 2021

China is leading the world in blockchain adoption, according to new findings from Forrester Research. The Chinese government, in tandem with enterprises and vendors, has invested strategically and heavily in digital transformation technology, including blockchain, pushing the country ahead of other regions in terms of adoption and development.

China is entering its third phase of blockchain adoption, according to the new research. The first phase mainly involved development of digital currency applications by a few pioneering firms, while the second phase included enterprises and vendors that gained business value from piloting blockchain technologies.

The third and current phase of blockchain adoption began in 2019 when enterprise customers became a priority for blockchain development. The government also became a driving force for adoption, helping blockchain technology gain traction among all major market verticals.

Forrester has found that blockchain is currently transforming all major vertical markets in China. This includes enabling new business models across major industries like healthcare, government, manufacturing, banking, insurance, energy, logistics, retail and telecommunications. The technology is also impacting business operations while helping to drive innovation and collaboration.

A number of major Chinese vendors have made strategic investments in blockchain research and development in an effort to improve enterprise performance, scalability, security and privacy. They include Ant Group, Baidu AI Cloud, EY, Huawei, Neusoft, OneConnect, PeerSafe, Tencent Cloud and WeBank. Areas of research focus include asymmetric encryption, zero-knowledge proof, homomorphic encryption and consensus performance.

A final area of growth, according to the Forrester research, is the Chinese enterprise blockchain platform (EBP) market. Vendors in that space are driving business application as well as technology advancement throughout the country. Vendors in this space typically include cloud service providers, software vendors and consulting service providers. They offer on-premises software that is used to power blockchain initiatives, and also offer blockchain as a service.




Edited by Maurice Nagle

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