Deloitte suggests China will use blockchain ‘strategically’

The Big Four accounting and auditing firm has revealed China's increasingly encouraging opinion on blockchain technology in a recent research report

Blockchain technology will be used strategically instead of tactically by China, according to a recent report by Big Four auditing firm Deloitte.

The firm surveyed 1,386 respondents across 11 countries, including 200 in China, to shed light on the attitudes surrounding cryptocurrency and digital assets.

The survey shows that 73% of Chinese enterprises believe that blockchain is a top-five strategic priority, a figure that is “substantially higher” than most other countries in the sample.

“Some 34% of respondents ‘strongly’ believe in the disruptive potential of blockchain, more than most countries in our sample,” the report adds.

“This is important, given China’s place in the global economy and the leadership role it has assumed in the Asia-Pacific region.”

“China, more than anywhere else in the world, will use blockchain strategically instead of tactically,” says Paul Sin, consulting partner at Deloitte Advisory (Hong Kong) and leader of Deloitte’s Asia-Pacific blockchain lab.

“More projects are driven by top management, who use blockchain as a strategic weapon rather than a productivity tool.”

China’s relationship with blockchain technology has been intriguing, with a ban being issued on Initial Coin Offerings (ICOs) and Bitcoin-to-fiat exchanges in late 2017.

However, China has recently shown a lighter approach to blockchain technology, exemplified by social media giants WeChat partnering with Coin Rivet earlier this year.

Also, in spite of cryptocurrencies being banned in 2017, the Financial Times reported that China filed more blockchain patents than any other country in the same year – a move that undoubtedly shows its interest in the technology that underlies cryptocurrencies.

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