What should you know about the Chinese blockchain market?
Blockchain

What should you know about the Chinese blockchain market?

Despite the hype, there is a case to be made that CIOs and other IT leaders simply do not need to know about blockchain technology. This is so new, so slow and so deeply unhelpful for many business processes that that one CIO even described it “a joke”. And anyway, when it does eventually come into place, it will mostly operate behind the scenes, by third-party suppliers, and there will be no real need to understand the different flavors of technology at work.

This said, it is always useful to have an understanding of the broader market to provide some context on what all this might mean further down the line. This is, after all, an emerging technology – it is both over played and misunderstood – but it is still likely to have an important impact on business in the future. And despite the usual emphasis on western players, there are also Chinese equivalents popping up that don’t get anywhere near the air time.

 

What is the Chinese blockchain?

In the wider media the majority of conversations around blockchain tend to focus on Bitcoin and cryptocurrencies, but this is not the case in a business setting, and makes the Chinese clampdown on ICOs irrelevant. In the west, most of potential revolves around the smart contracting possibilities in Ethereum and new approaches to securing IoT through unique – 2.0 – players like IOTA. In China both Ethereum and IOTA already have fairly direct equivalents.

From IBM to Microsoft how is the blockchain market playing out? Check out: Blockchain market 101: A $7.74B tech & vendor potential

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Kathryn Cave

Editor at IDG Connect

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