- The IDC, a market intelligence report, suggest China will exceed $2 billion spendings on blockchain in 2023.
- Official recognition of blockchain will push adoption and drive spending growth in the sector.
China is expected to exceed some $2 billion on its blockchain spending by the end of 2023, according to a report carried out by market intelligence firm IDC.
In the report, IDC has made an estimate that China’s spending on blockchain projects would note a compound annual growth rate of 65.7% from 2018 to 2023. In the current year, the majority of blockchain spending focused on the banking sector. Elsewhere, the manufacturing, professional services, and retail industries also attracted funds for DLT projects.
According to Xue Yu, a researcher at the IDC and author of the latest report, the official recognition of blockchain will push adoption and drive spending growth in the sector.