On February 15th 2020, International Data Corporation (IDC), an international data company, released a forecast report on China’s blockchain market, “IDC FutureScape: Worldwide Blockchain 2020 Predictions — China Implications”. The report forecasts the Chinese blockchain market in the next five years, and covers the macro environment, market hotspots, user needs, product and technology trends, etc., for reference by industry companies and related persons.
A brief summary of the content of the report is as follows:
Prediction 1: Cross-border payments
By 2023, 40% of China’s tier-1 financial institutions will bypass SWIFT and central bank infrastructure and use blockchain networks to process peer-to-peer cross-border payments.
Prediction 2: Distributed governance
Legal proceedings and adjournment will delay the process of electronic elections, but the blockchain-based electronic voting solution will become the primary solution. By 2023, successful pilot projects will allow blockchain voting systems to be tested in 5% of China’s jurisdictions.
Prediction 3: Professional Services Certification
By 2021, healthcare service providers and payers will agree on the issue of blockchain certification standards, and 10% of China’s healthcare institutions will use this standard in public services.
Prediction 4: Blockchain services
By 2023, Chinese companies will have invested $ 2.7 billion in blockchain services (consulting, implementation, maintenance, support, etc.), accounting for 29% of the corporate management services spending.
Prediction 5: AI and blockchain
By 2024, more than 50% of regulated companies in China will use blockchain to support explainable AI.
Prediction 6: Blockchain Identity
By 2022, 5% of Chinese adults will register autonomous blockchain-based ID cards, where the users seek to own and control their digital identities, which will create a market of 50 million people.
Prediction 7: Distributed Supply Chain
By 2024, 85% of China’s container shipping will be tracked by blockchain, half of which will use blockchain-supported cross-border payments.
Prediction 8: Digital Rights Management
By 2023, 20% of China’s digital rights will be processed on a blockchain managed by distributors and content creators to increase agency trust and transparency to prevent piracy and illegal P2P sharing.
Prediction 9: Blockchain Infrastructure
By 2020, more than 90% of organizations in China will use the BaaS platform as the first option for blockchain infrastructure when implementing blockchain initiatives.
Prediction 10: Digital Currency
By 2023, 10% of cities in China will start using blockchain-based digital currencies to promote economic stability and e-commerce development.
From the report, it can be seen that the future of blockchain in China is bright. This possibility is greatly influenced by President Xi’s remarks back in October 2019, where he emphasized on making China a leader in the technology industry and strongly pushing the development of blockchain application technology. China’s central bank is currently working on the development of digital currency for the nation, which may surpass the prediction mentioned in the report, depending on the underlying infrastructure. The recent corona virus outbreak has also boosted the development of blockchain application use in sectors such as healthcare, finance, supply chain management, corporate governance and AI.
CyberVein, being a blockchain company in China, intend to follow this trend and produce blockchain applications that can bring change to the modern society. CyberVein has already done work in several sectors such as healthcare, supply chain management and AI. It has researched, by Zhejiang University’s CyberVein R&D Center, a keratitis diagnosis mechanism using blockchain and federated learning, which had a accurate diagnosis rate of 80% of the different types of keratitis, surpassing 96% of the diagnosis of the doctors that had participated in the experiment. CyberVein had help a company from Ningbo in Zhejiang province to developed a supply chain management system, which can accurately record, identify and track the seafood products caught by the fishermen. The various data collected in the process can be analysed to give the probability of catching a certain type of seafood at a given region at a given time of the year. This had brought critical values to the buyers and the fishermen exchanging on the company’s platform. CyberVein had also help the law enforcement departments in the Jiangsu province of China, developed a system to allow efficiency in their work through ease of communication, evidence data collection and sharing and analysis. The system is able to securely store the reliable data collected, analyse them to produce accurate suspect physical features, crime methodology comparison, crime case relativity and predict the next potential crime and allocated the nearest team, which the law enforcement departments can act upon.
As mentioned by the report, there are many sectors that will be affected by the blockchain application technology boom in China in the future years, and CyberVein is acting upon this wave, researching further into the use of blockchain technology, exploring ways in which how blockchain can be combined with other technologies such as IoT and AI to produce different types of functions that can benefit the world. CyberVein has only touched the tip of the iceberg, there still are many great things to be done.
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