Deloitte’s 2019 Blockchain Poll: China Will Use DLT As A “Strategic Weapon”, Not A Productivity Tool
It is no secret that, despite not allowing crypto trading in the country, China loves the blockchain technology. The high officials of the country are sure that the technology is going to help it and a new report made by Deloitte, a Big Four auditing company, shows that 73% of the Chinese enterprises believe that the blockchain is a top five strategic priority for them.
The new report, which is called “Deloitte’s 2019 Global Blockchain Survey”, was out last week and the survey was conducted between February and March. In it, the company surveyed 1,386 people from 11 countries. 200 of them were from China, so the report can help to understand more about the country’s policies on the blockchain tech.
Chinese employees from enterprises seem to believe that the blockchain is among the most important priorities of the country. When compared to the U. S., 73% of the Chinese value the blockchain against only 56% of the Americans. While the U. S. is faring worse than China in blockchain trust, they are still slightly above the global mark of 53%.
Another interesting finding is that the global numbers were only around 10% last year, meaning that blockchain awareness is certainly higher than ever before this year.
The leader of Deloitte’s blockchain lab in the Asia-Pacific region, Paul Sin, has also participated in the report. He affirmed that China is using the blockchain more than any other country on Earth. However, he also seems somewhat critical of their usage.
According to him, this technology is not really being used as a productivity tool, but as a “strategic weapon”, which makes us understand that the country is interested in using the tech for much more than only productivity.
China is a very curious country when it comes to the blockchain technology. While the country is definitely against Bitcoin and anti-cryptos in general, banning Initial Coin Offerings (ICOs) back in 2017, most of the patents filed for blockchain technology came from the country.
Since 2017, China is basically leading the blockchain race. Its harsh measures against crypto, however, do not seem to have been changed at all lately.
We should probably expect this stance to continue in the future. China will continue to blacklist the crypto market while giving the blockchain tech some space for growth.