- Economist believes blockchain maturity is yet to unfold to its potential.
- Blockchain technology to see new horizons in the years to come.
- Blockchain progress is not uniform across the globe.
Blockchain technology has been deemed a relatively juvenile and immature market niche by Digital economist Wu Zhongze, and also former vice-minister for Science and Technology, China. Upon comparing the US and European economies to that of China, the former Chinese official is reported to have commented on how there has been no difference between all three in terms of advancing towards blockchain technology-based ecosystems, in an interview with The Paper.
Zhongze highlighted China’s progress within the blockchain technology arena across several areas like hardware manufacturing, platform and security services, industry investment, and financial development. He furthers that the groundbreaking blockchain technology advancements that are rapidly moving toward implementation across the board will play a crucial role in the future economic standpoint.
Blockchain maturity across the globe
Defining it as the rapid advancement of China’s digital systemic network, the digital expert confirmed that the spread of blockchain structures across the country are deemed to bring in further opportunities for development and integration. 5G, Artificial intelligence, data mining, and the internet are a few sectors expected to be highly influenced. However, blockchain maturity is still a dream turning into reality.
Millions are reported to have been invested by public listed companies of China to keep up with the research and development of blockchain technologies. Surveys dating back to 2016 prove firms assign up to 20 percent from annual revenues towards backing such advancements, while most are dedicated to governmental interests.
While on the global fronts blockchain progress is still slow in various parts of the world. The United States is at the forefront of blockchain maturity and adaptability. But in Asia alone, where countries like the Philippines are moving forward leading the blockchain maturity scene, others like Pakistan are lagging far behind. The situation is not much different in Africa, Eastern Europe, and other parts of the world.