What’s Going On?
Logistics, medical services and government operations in China are set to be transformed by blockchain, according to a new report by global audit and consultancy firm PricewaterhouseCoopers (PwC).
Why Does It Matter?
These are the three areas with the most potential to adopt and profit from blockchain technology in China, according to the results of a joint survey by PwC and Chinese startup VeChain. The survey was conducted between November and December last year and focused on blockchain tech outside of the financial services sector, reported the South China Morning Post (SCMP).
More than 125 companies completed a questionnaire online and 40 more conducted face-to-face interviews, said SCMP, with half the companies involved reporting revenues of more than $100 million.
So China Is Bullish On Blockchain?
That’s a qualified ‘yes’ – regulators on the mainland have clamped down on cryptocurrencies, reported Hong Kong-based reported SCMP. But while a ban on initial coin offerings has forced platforms to move offshore, Chinese authorities are still eager to discover how the distributed ledger technology can work for them.
The survey results represent the first crypto-related data released by PwC since it made its own direct investment in blockchain technology via a minority stake in VeChain, reported CoinTelegraph.
VeChain specialises in anti-counterfeiting, supply chain management, and the Internet of Things (IoT). PwC Hong Kong is now in discussions with VeChain to provide trust-based services on the VeChain platform, said PwC and VeChain in a joint statement.