China’s efforts to put blockchain at the heart of the country’s innovation and should accelerate the development of blockchain marks China’s confidence in the potential of blockchain technology.

This move will have profound implications for applications from finance and payments to commerce. Analysts believe the impact will be particularly significant in the fields of trade finance, asset management, cross-border payments, and supply chain financing.

Industry figures believe that Beijing’s support may also lead to greater investment in related companies, potentially hastening the mainstream application and use of the technology.

Investment in blockchain related firms and projects have been in the billion-dollar range since 2018. Blockchain-related investments in the US alone reached $1.1 billion to date and in 2018, Chinese firms attracted investments worth $3 billion, and US firms attracting $2.6 billion in investments.

According to Mateen Sal Khalid, Chief Executive Officer of Aurum Asset Management Ltd. which extensively utilizes blockchain technology within its operations, this influx of investments into the blockchain industry will be highly beneficial for enterprises that are currently utilizing blockchain technology, allowing them to gain further market traction.

Mr Khalid stated, “Whoever wins the race to have the world’s largest enterprise blockchains actually transacting real-world financial activity, will enjoy a first-mover advantage and would place them in a leading position in their respective industry sectors for years to come.”

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