It is predicted that the overall expenditure scale of China’s blockchain market will reach US $2.28 billion in 2024, with a compound annual growth rate of 51% From IDC is a website that focuses on future technologies, markets and user trends. We are responsible for collecting the latest research data, authority data, industry research and analysis reports. We are committed to becoming a data and report sharing platform for professionals and decision makers. We look forward to working with you to record the development trends of today’s economy, technology, industrial chain and business model.Welcome to follow, comment and bookmark us, and hope to share the future with you, and look forward to your success with our help.

The following is the It is predicted that the overall expenditure scale of China’s blockchain market will reach US $2.28 billion in 2024, with a compound annual growth rate of 51% From IDC recommended by And this article belongs to the classification: IDC, Blockchain.

From 2019’s “1024” speech, to the block chain was incorporated into the new infrastructure category, and then the local government promulgated the block chain development plan successively, the block chain technology has experienced the bubble brought by the token money speculation, and has gone through the low level stage, and once again stands under the support policy support, ushering in the new development opportunity. IDC predicts that the overall expenditure scale of China’s blockchain market will reach US $2.28 billion in 2024, with a compound annual growth rate of 51%.

In terms of development route, in the two years from 2015 to 2016, mainstream technology companies, cloud manufacturers and blockchain service companies have successively established blockchain research teams. Through technological innovation and business model exploration, various blockchain as a service (baas) platforms have emerged in the market in 2018. Baas platform, as the basic form of blockchain service, plays an important role in the stage of blockchain technology practice and industry value climbing. In this context, IDC launched the project “IDC marketscape: China’s baas platform manufacturer evaluation, 2020”, and the evaluation results are presented in the form of IDC marketscape quadrant chart.

IDC has conducted in-depth research on seven representative baas platform manufacturers, and the selected manufacturers include Huawei cloud, jinshanyun, Inspur Group, ant group, fun chain technology, Tencent cloud and Xinhua. Generally speaking, the baas platform suppliers evaluated in the study have overcome the initial stage of speculation on the potential of blockchain, and continue to invest in blockchain products, involving technology, business development, industry ecology, etc., and generally established a clear strategy and sustainable business model. The main findings are as follows

Technical level of baas platform supplier

In terms of deployment, baas platform solves the problem of high cost of blockchain deployment and operation. It is an important option for industry users to migrate and reconstruct blockchain applications to the cloud platform, or directly use the blockchain services on the cloud.

In terms of architecture, self-developed block chain underlying platform has become a trend. Backed by hyperledger fabric, Ethereum, quorum and other open source architectures, baas platform suppliers have achieved the preliminary construction of the blockchain platform. With the expansion of the application scenarios of blockchain technology, the open source architecture has gradually encountered bottlenecks, and the lack of concurrency and security limits the implementation of blockchain technology. In order to meet the requirements of higher scalability, wider scenarios, and self-control in the changing world pattern, suppliers have built self-developed blockchain engines, and gradually entered the testing and application stage, providing users with a variety of flexible choices to improve the underlying architecture.

In terms of platform performance, providing scalable and high security baas platform is the focus of supplier competition. The service capabilities involved in improving scalability and privacy protection include: side chain technology, fragmentation technology, isomorphic and heterogeneous cross chain mechanism, trusted execution environment (TEE), secure multi-party computing capability, homomorphic encryption implementation, etc.

Baas platform industry solution level

Driven by policies, the acceptance of blockchain in various industries in China has been greatly improved, and industrial blockchain has gradually become a consensus. For some key industries, using blockchain technology to accelerate the digital transformation process is an important agenda in the future. In this context, building solutions based on baas platform and enabling real economy industry is the mainstream way of platform technology and service output.

In terms of existing use cases, baas platform solutions have gradually penetrated into various application scenarios, such as government affairs, finance, trade, traceability, certificate keeping, medical treatment, industrial Internet, etc. Among them, government affairs, traceability and finance are the key scenarios for solution implementation. Baas platform suppliers have built many benchmark cases in urban management, commodity traceability, supply chain finance and other fields by making use of industry accumulation or combining with their own business scenarios.

Baas platform capabilities and solution benefits should not be over exaggerated. Baas platform suppliers focus on mining distributed scenarios, focus on blockchain technology and rigid demand industries, and output general and commercial industry cases, which is conducive to the long-term and orderly development of the combination of blockchain and industry.

Ecological construction of baas platform

Standardization and ecological construction are the main characteristics of China’s blockchain market at the present stage. Blockchain baas platform manufacturers are actively using their own advantages in platform, channel, technology and other aspects to actively build blockchain network ecology and industry standards, so as to lay the foundation for the standardization and orderliness of blockchain technology itself and its combination with industry.

Baas platform manufacturers actively participate in the construction of the alliance system and join hands to build the overall upgrading of the blockchain industry. Internationally, Chinese members have actively participated in and contributed to the hyperledger open source project; domestically, the open atom open source foundation’s blockchain working group has gradually started work, and the industrial blockchain alliance has started recruitment. It is very important for the long-term development of the blockchain market that the ecosystem is open and shared.

Hong wanting, senior market analyst of IDC’s China emerging technology research department, said, “thanks to policy driven and continuous promotion of digital infrastructure construction of ‘new infrastructure’, the acceptance of blockchain by various industries in China has increased significantly, and industrial blockchain has become a consensus. In this context, baas platform suppliers continue to add weight to the blockchain business, form product barriers through technological innovation, explore solutions for vertical scenario layout in the whole cycle, formulate industry standards and build alliances to create blockchain ecology. At present, the top-down business model centered on government agencies and enterprise customers has been preliminarily completed. In the long run, the introduction of general industry services based on baas platform and the strengthening of support for individual developers or small and medium-sized enterprises will become the strategic route for blockchain to further enable the real economy, and China’s baas platform market will therefore maintain a high-speed and healthy growth. “

Read more: Bank of America: the potential market scale of blockchain will reach 7 billion US dollars IDC: it is predicted that the overall expenditure scale of China’s blockchain market will reach 2.28 billion US dollars in 2024, with a compound annual growth rate of 51% IDC: it is predicted that the expenditure scale of China’s financial industry blockchain will reach 600 million US dollars in 2022, with a compound growth rate of 67.5% IDC: it is predicted that the expenditure scale of China’s blockchain market will reach 1.8 billion US dollars in 2018 US $600 million IDC: the global blockchain expenditure is expected to reach US $11.7 billion in 2022 IDC: the scale of China’s blockchain expenditure is expected to reach US $2 billion in 2023 IDC: the Asia Pacific blockchain solution expenditure is expected to reach US $240 million in 2022 IDC: the scale of China’s blockchain expenditure is expected to reach US $2 billion in 2023 IBM China Mobile: 2020 white paper on blockchain + edge computing (with download) 2020 China Digital Eco hero month – blockchain industry conference hall will be held soon| B. P business partner Accenture: full scan of blockchain business value (with download) World Economic Forum: rebuild trust blockchain toolkit Tsinghua University Internet Industry Research Institute: 2019 blockchain technology application in copyright field white paper (with download) top research institute: privacy Computing Technology Development Report

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