By 2023, 10% of cities in China will start using blockchain-based digital currencies to promote economic stability and e-commerce development, IDC predicts.
IDC's recently released report titled "IDC FutureScape: Worldwide Blockchain 2020 Predictions — China Implications" saying that by 2023, Chinese companies will invest $ 2.7 billion in blockchain services (consulting, implementation, maintenance and support), accounting for corporate management service expenditures 29%.
The top ten predictions of China's blockchain market released by IDC in 2020 are as follows:
Prediction 1: Cross-border payment
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 China's regulated companies will use blockchain to support interpretable AI.
Prediction 6: Blockchain Identity
By 2022, 5% of adults in China 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 P to P 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 operations.
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.
