70% of Surveyed Chinese Companies Want to Spend Big on Blockchain

Tyler Hromadka

Source: Adobe/leungchopan.

Numerous Chinese companies that were wagering big on blockchain technology prior to the break out of the coronavirus pandemic have actually lost none of their eagerness for the technology– and some might even be eager to spend more on adoption in the post- COVID-19 world.

Per Xinhua, a study of some 350 Chinese companies discovered that 70% of them state they will not cut down on proposed blockchain costs since of the coronavirus. And 20% specified that they will spend even more on blockchain to balance out the impacts of the infection on trade and the economy.

The findings were assembled in a report on “Blockchain in the Post-epidemic Age,” co-compiled by the China Federation of Logistics & & Buying‘s Blockchain System and scientists at Beijing’s Tsinghua University

The report’s authors declared that the pandemic had “not affected the long-term impact of enterprises’ blockchain plans,” with companies staying “bullish” about the commercial adoption of blockchain technology.

The authors of the report stated the study participants consisted of companies from “10 types of industries,” consisting of blockchain technology professional companies, in addition to production, financing, commerce, logistics, and supply chain management companies.

The report concluded that at worst, markets had actually pushed the “pause button,” on some of their strategies, however jointly understood that technology– especially blockchain advances– was the most efficient tool for combating natural catastrophes.

The very same media outlet prices quote a popular Chinese business and policy chief as specifying that blockchain technology will soon be as common as “water or electricity,” with extensive adoption on its method.

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