Chinese Companies to Bet Big on Blockchain Despite COVID-19 Crisis

350 Chinese companies surveyed still believe in the higher potential that blockchain technology could offer to their businesses.

A survey of 350 Chinese companies revealed that Blockchan’s pre-COVID-19 corporate bullishness remains alive in the region.

According to Xinhua, the study, called “Blockchain in the Post-epidemic Age,” showed that 70% of the companies surveyed before the coronavirus outbreak remain optimistic about the potential of Blockchain technology. Up to 20% believe that they will invest even more to mitigate the effects of the crisis.

Almost 10 types of industries remain “bullish” towards blockchain

Most believe that blockchain technology implementation could help the national economy recover from the financial ravages of the ongoing pandemic.

Respondents come from 10 different industries, including blockchain-related specialist firms, manufacturing, commerce, supply chain management, and finance.

Experts quoted in the survey said:

“Industrial blockchain deeply serves the core body of social production-enterprises (…) 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.”

Researchers agree that blockchain technology is considered the “most effective way to fight against disasters.”

Confidence remains untouched despite the crisis

Although the sudden outbreak of COVID-19 forced companies to pause their development, the study states that confidence in blockchain has not faltered.

Cointelegraph reported on June 7 that a blockchain-powered pilot program will provide a wide range of notary services in Suzhou, China.