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This article was published on August 28, 2018

    China expected to become global blockchain superpower by 2023

    It's a race to be the biggest and the best at blockchain

    China expected to become global blockchain superpower by 2023
    Matthew Beedham
    Story by

    Matthew Beedham

    Editor, SHIFT by TNW

    Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls. Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls.

    America’s days as the recognized leading superpower of blockchain tech development may be numbered, a report by PwC suggest. Instead, it is China that is expected to close the gap and take the lead.

    The survey, which asked 600 executives across 14 nations, found that 29 percent of respondents saw the US as world leaders when it comes to development of the decentralized technology, followed by China at 18 percent.

    Before you start to criticize the survey methodology, the executives were also asked what they perceive the future will hold.

    Between 2021 and 2023 the tables are expected to turn, and respondents believe that these figures will switch. The research found that 30 percent of those surveyed believe that China will become the world leader in blockchain development. Just 18 percent believe that the US will still be leading the way in the next five years.

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    While this is all well and good, the survey also highlighted the low figures for companies that actually have a live blockchain project. Which echoes our previous explorations, where we saw that 60 percent of the top 100 cryptocurrencies don’t have a working product.

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    The research from PwC shows that only one quarter of those surveyed actually have a working blockchain product. The remaining three quarters claim to be still developing or researching blockchain, or they have nothing at all.