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Chinese Industries To Adopt Blockchain Technology Within Three Years

According to the head of the MIIT Institute in China, many industries within China's economy are expected to fully introduce and adopt blockchain technology within three years and advance the new-age tech to new heights.


China's Economy


Many economic sectors within China will see rapid advancements in blockchain and its implementation in various ndustries including medicine, finance, verification, marketing and others. 


The CITSEC's assistant director, Li Bin, explained that as more industries adopt and improve on blockchain technology, collaborations between many sectors was inevitable and would contribute to a faster, cheaper and more secure economy. 


Li also referenced the food industry, saying blockchain could provide the government with a trustworthy and efficient means of monitoring food products to ensure healthier consumption locally and internationally. By March of this year, 456 DLT companies exist in China, and given the large number, a full economic circle is now complete. Among the industries connected are security, media, finance, investment and others connected by the vast number of blockchains in China. 

Potential


Steve Lark emphasized blockchain's potential in a recent report, explaining that such tech could change the way the world works through corporations, people, and governments. The technology will also significantly contribute to the economic advancement and its stability and that companies and customers alike will both benefit from the tech's vast reach.

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