China's blockchain development is predicted to grow at an annual rate of 65.7% in the next five years and will exceed $2 billion by 2023.
There is no doubt that Blockchain technology has the potential to revolutionise how global businesses operate, and one of the countries at its forefront is China. The application of Blockchain technolgy dramatically increases the efficiency and effectiveness of industries who adopt it. In China, it is not only the private sector that has Blockchain; many Chinese government departments have as well.
According to research carried out by Forkast Insights, widespread adoption of blockchain technology has progressed beyond the experimental phase. As the number of real-life applications continues to grow, it is entering the maturity phase.
One company has been in the maturity-phase for a while now is Dragon. Right from its genesis, Dragon has taken a hands-on approach to the development of its products with a key focus on providing convenience and efficiency. A prime example of this can be seen in the premium Dragon Social Wallet, which is packed with amazing features while being completely free. Dragon has created a fast, secure and seamless payment system which challenges expensive traditional remittance services. In conjunction with Dragon Coin (DRG), the world’s number one entertainment coin, users have the ultimate convenience of a cashless system which avoids expensive cross-border transaction fees.
China, one of the world's largest economies, is steps ahead of the rest of the world when it comes to people experiencing technology in their daily lives. That may explain why China leads the way when it comes to Blockchain patent applications and why the People's Bank of China is set to launch its digital currency.
The recent endorsement of the technology by Chinese president Xi Jinping made waves around the world and goes some way to explains why China is currently ahead of the US. According to Xi, many sectors such as healthcare, finance, and anti-counterfeiting can benefit from innovation, maintaining China's competitive edge. The endorsement by the President is a clear indicator that the government is considering further implementation of the technology in the country setting up 2020 to be a fascinating and productive year for Blockchain innovation coming out of China - and we'll keep you up to date with all the latest news right here on the Dragon blog.