China is leading the world as a blockchain pioneer, driven in part by the enthusiastic adoption of blockchain-powered solutions and e-commerce apps by the country’s affluent young consumers.
This assertion was made at the Blockchain Week 2019 event by one of the main speakers – Bo Ji, Assistant Dean of the Cheung Kong Graduate School of Business.
He claimed that blockchain in China is well beyond the early adopter phase, and is now part of the e-commerce mainstream: “Blockchain itself is no longer an innovation, it is a tool,” he said at the event. “It will be part of the standards in the many industries it serves.”
He pointed to figures from analyst firm CCID Consulting which show that blockchain revenue growth in China has been growing at over 150% a year for the past five years
He also cited IPR Daily which has said that in a ranking of the 100 top blockchain patents globally, 57 are Chinese. China filed 550 blockchain patent applications in between 2008 and 2017, compared with 284 US and 192 South Korean patents, the nearest contenders, said Ji.
Ji said that China’s affluent middle class and its spending habits are putting China in its dominant position: “China’s booming middle class is reshaping consumption,” he commented. “China’s young consumers have embraced digital technology including online banking to improve their loves. In China, social media and e-commerce are brother and sister. They are not separate markets as they are in the West.”
Blockchain Week is being held at the Grange Tower Bridge Hotel in London.