Chinese Companies Continue Adopting Blockchain Despite COVID-19

Chinese companies continue with the blockchain adoption despite the ongoing COVID-19 pandemic as they are optimistic about the on-going increase in crypto during the pandemic. In the latest blockchain news, we take a closer look at the analysis.

A new survey shows that Chinese companies continue with the blockchain adoption and remain proactive and bullish on the technology despite the COVID-19 pandemic. According to a survey published by Xinhua, a huge number of companies are keeping their hopes up for the development and integration of digital assets during and after the coronavirus pandemic. The results came from among the 350 Chinese companies in 10 different industries that have something related to the blockchain technology and digital assets in general.

The study said that 70% of the participants think that blockchain technology will be flourish during and after the pandemic which will keep up with the bullish attitude for a longer time. 20% believe that they will invest even more in projects like this as a way to minimize the efforts of the economic turning point. Many of the Chinese companies in the survey are sure that the:

 “industrial blockchain deeply serves the core body of social production-enterprises, not a blockchain system that everyone can participate in. As a trusted data network between enterprises, blockchain solves the problem that traditional centralized databases cannot generate trust among enterprises and solves the trust problem of multi-party collaboration. Therefore, it is accepted and recognized by more and more enterprises”.

The technology could also come in handy in multiple different fields of public services including pandemic prevention, delivering data, monitoring, control, and transparency which is of high importance in times like these. Blockchain is being supported by many companies that urge it to keep on developing. The social media tech giant Tencent Holdings also launched a special project to guide and support the 30 blockchain-oriented companies that want to be the pillars in the industry.

The Chinese government also wants to be involved. In a recent national program, the country got into with a number of tech moguls to step onboard in the further development of standards for the use of technology access across multiple industries that are willing to work with the blockchain technology. A new survey by Deloitte shows that blockchain is adopted by more than a third of all companies in the world, becoming a priority in the business sector and gaining a more broad understanding