The Blockchain Industry in China-2020 Annual Report Key Takeaways
On February 7, Tsinghua University Internet Industry Research Institute, Blockchain-based Service Network (BSN), and Huobi Research Institute jointly released the “The Blockchain Industry in China-2020 Annual Report,” which provides a comprehensive analysis of blockchain development in 2020 and a pioneering forecast for the industry in 2021.
The report points out that the implementation of blockchain technologies in China regarding all aspects had considerable growth and will accelerate exponentially in 2021, especially for solving real-world problems. The key ideas of the report are summarized in the following paragraphs.
1. Generally, in line with the development of “New Infrastructure” in China, blockchain will change society beyond recognition along with other new technologies such as AI and cloud. These emerging technologies will coordinate an unstoppable force in building the “Smart City” and the “City Brain” in China.
2. In China, the applications of government affairs, the supply chain, finance, data analysis, etc., were in common use in 2020 and will accelerate in 2021. Entering 2020, amid the coronavirus outbreak, enhancing the efficiency of multi-party collaboration under the global economic system appeared to be of great urgency. Blockchain adoption in these sectors will continue to accelerate in order to address the management efficiency and capital fluidity involving cross-regions and cross-departments.
3. The rapid development of supporting facilities like all-in-one PC, network infrastructures and blockchain chips will relieve current pain points of blockchain development. All of these facilities are focused on lowering the threshold and improve the stability of blockchain. The blockchain and its correlated industries will have a reformative change in company with the advancement of blockchain technologies and related facilities.
4. The tendency of digitalization of real assets is inevitable in the future. Put simply, it is more cost-effective and far more efficient to manage digital assets than real assets. In the market of virtual assets, digital securities might be the leader according to regulatory aspects. A complete and standardized regulatory system is necessary, and a fair and secure financial environment will incubate an innovative and dynamic digital ecosystem.
At the end, the report makes predictions about 2021: research about CBDCs will continue to be all the rage, but most great powers will not execute in full implementation; Internet giants will promote blockchains, and DApps with millions of users will emerge accordingly; crypto banking will become extremely popular and be riddled with the intense competition; the valuation of the top-tier enterprise in this industry will break through 10 million dollars, and blockchain unicorns would get the best chance for public listings, hereafter an upcoming small listing spree.
