A new report from market intelligence firm IDC sees total spending on China’s blockchain market taking a sizeable hit from the COVID-19 pandemic.
IDC’s “Worldwide Blockchain Spending Guide, 2020V1″expects China to remain the second-largest blockchain market in 2020, with total spending set to hit USD$470 million or nearly 11% of a projected global spend of $4.28 billion.
This spending amount nonetheless marks a decline of 12% compared to pre-COVID-19 forecasts.
IDC nonetheless expects China’s blockchain market to see average per annum compound growth of 60% during the period from 2019 – 2023.
Related stories
China Telecom Says Blockchain Technology Will Become Essential Cornerstone of 5G Ecosystem