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China's Blockchain Spending Estimated to Reach $2 Billion Dollars by 2023

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  • Vladislav Sopov
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    Shocking figures research by the International Data Corporation revealed: China's blockchain spending will exceed $2 billion dollars by 2023.

China's Blockchain Spending Estimated to Reach $2 Billion Dollars by 2023
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With Q4 progressing, 2019 has already been marked by major pronouncements about blockchain adoption in China. On October 25th, Chinese President Xi Jinping proclaimed that his country must take all advantages offered by blockchain technology. On November 6th, hash mining disappeared from the official list of hazardous activities that Chinese watchdogs planned to eliminate. Yesterday, the global think tank, International Data Corporation (IDC), explained the benefits from this sudden U-turn.

Blockchain Spending Bull Run

According to the Xinhua News Agency, the domestic spending on blockchain will see rapid growth between the years 2020 and 2023. The total industrial costs will reach $2 billion Dollars by the end of this period, with a compound annual growth rate (CAGR) estimated to be 65.7 % within this five-year period before the year of 2023.

By comparison, the vast majority of industrial spheres experience a CAGR of 25-30%, which implies brilliant growth.

Analysts also predict the Chinese will diversify their approach to blockchain. As of today, most banking entities have researched the potential of B2B use cases of blockchain technology. On a side note, discrete manufacturing, retail, professional services, and process manufacturing are among the top catalysts of blockchain spending projected to increase.

Governmental Green Light

It's an open secret that this prediction perfectly matches the context of the thaw in relations between Beijing officials and blockchain. During the Central Committee's October session, China's leadership highlighted the importance of blockchain technology as a new stage of technological innovation and digital transformation, urging more efforts to speed up the development in the sector.

With that said, the official recognition will push the applications of blockchain technology and power rapid growth in the sector, according to Xue Yu, a researcher from the IDC team.

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It is worth noting that despite this announcement, Chinese regulation remains the most severe for blockchain technology and cryptocurrencies. For instance, China has prohibited the initial coin offerings (ICOs), and has taken aggressive action against crypto-related activities.

How long will this thaw last? How profound will it, be and who should be named the major beneficiaries? Share your opinion with our audience on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Ripple's Partner Wants to Transform Gaming Industry with XRP

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  • Alex Dovbnya
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    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
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San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

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Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

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The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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