Blockchain To Reach Wider Audience In Several Chinese Industries Within Just Three Years At MIIT Institute

MIIT Institute Forecasts China's High Blockchain Adoption in All Major Industries within Three Years

Blockchain is gaining notoriety in China, spreading across several different industries with the new adoption and is expected to gain even more expansion in the next three years or so.

The mainstream adoption of blockchain tech in the Chinese economy is projected to speed up over the next few years according to the head of Ministry and Industry, Yu Jianing (also head of Information Technology’s Institute of Industrial Economics).

“In the next three years, blockchain technology is forecast to be widely adopted in sectors such as product traceability, copyright protection, bill verification, precision marketing, energy and healthcare in China,”

Yu stated to the publication, China Daily.

In a similar vein, Li Bin, assistant director of the Chain Information Technology Security Evaluation Center, gave his own explanation on the mainstream adoption of blockchain technology across a widespread number of areas in Chain, will in time reach across several different industries for a type of digital partnership. When the collaboration happens, it is likely that costs will be drastically reduced in costs and improve efficiency.

“At the same time, such technology can help establish a reliable platform for government supervision of food safety. The quality of life of Chinese and even global consumers can be improved,”

Li stated.

There were officially 456 blockchain technology corporations in China at the end of March in 2018. They are forming the industrial chain, like hardware makers, platform providers, security specialists, industrial technology application services, financing and investments, media resources or human services. This is all according to a report done by China’s official news agency called Xinhua.

“Blockchain has the potential to transform the way that individuals and organizations interact, the way that businesses collaborate with one another, the transparency of processes and data, and, ultimately, the productivity and sustainability of our economy.” He added, “It can be used across the entire value chain, benefiting businesses and consumers alike.”

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