Briefing: China’s use of blockchain a ‘strategic weapon’ – report
Jul 2, 2019
What happened: A new report released by consulting firm Deloitte shows that 73% of the Chinese enterprises believe that blockchain is a top five strategic priority for them, while 56% of the Americans believe so. The report also notes that China is using blockchain technology more than any other countries. “More projects [in China] are driven by top management who use blockchain as a strategic weapon rather than a productivity tool,” Paul Sin, consulting partner at Deloitte, wrote in the report.
Why it’s important: Despite banning cryptocurrency exchanges in late 2017, China has invested heavily in the research and development of other blockchain applications, including financial services, public services, supply chain, and healthcare. According to data from the World Intellectual Property Organization (WIPO), the majority of blockchain-related patents were approved in China. Other figures released near the end of last year show that China accounted for about 25% of such in-progress blockchain projects globally.