Despite the economic ravages of the coronavirus in China, a survey has found that the majority of companies are still devoted to blockchain development
Blockchain technology is increasingly regarded as a key area of development for Chinese companies, a report from Xinhua has revealed.
350 companies were surveyed, with 70% claiming they would not reduce their spending on developing blockchain solutions in cost-cutting measures. 20% even said they planned to increase their investments in blockchain technology.
The report details the advantages of blockchain and their appeal to enterprises. For many enterprises, placing their faith in some lines of code is much more palatable than a hegemonic organisation prone to human error and dishonest workers.
The survey cites the proliferation of 5G as another factor that stands to benefit widespread industrial blockchain adoption. If the coronavirus was the impetus for many companies to adopt, then 5G is the framework that will allow it to grow rapidly over the coming years.
5G will enable more devices to connect effectively to the internet and as such generate useful data. Blockchain technology is poised to make good use of such a large resource, with its advanced capabilities, and as a result will boom off the back of it.
The report goes on to brazenly state that industrial blockchain will become as commonplace as tap water and air conditioning in the workplace in China.
Caution is advised towards the end of the report that this will not happen overnight. Blockchain is still in its early development phase in terms of its wider integration into industries. In addition, the technology’s relationship towards current laws and regulation is still murky and will take more time to be fully defined.
The report ends by advocating an education drive on blockchain. One of the real factors holding the sector back is a lack of specific talent, due to it being a fairly niche field to gain interest in. It is vital, the report thinks, to make sure the next generation are fully equipped to take the technology onwards towards its true potential.