Companies in China Still Believe in Blockchain Even With COVID-19 Challenges

The responses provided by 350 companies in a recent survey reveal that they are still very optimistic that blockchain is the right choice for their businesses.

350 companies in China have not shifted their grounds from what they believed about the goodness of blockchain for their businesses before COVID-19 broke out.

Xinhua News Agency reported the results from the study. The study was a comparison between companies’ mindset about blockchain before COVID-19 and what it is currently. Seven in Ten of the companies did not change their decision that they will go for blockchain technology while 2 in 10 of the companies surveyed believe this is the right time to invest more.

More than 8 industries still prefer blockchain

Most of the companies want the country to adopt blockchain more this time so as to neutralize the negative impact caused by COVID-19 on the economy.

The companies were picked from ten industries. Some of them include finance, commerce, manufacturing, supply chain management and blockchain.

While expressing their views, some of the representatives sent said blockchain should be developed to an industrial level to help social production enterprises. They added:

“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.”

Many researchers believe that blockchain has the potential to solve problems that cause great damage.

No lack of confidence despite COVID-19

Despite the fact that most companies had to stop operation following the outbreak of COVID-19, there is still a high level of trust in blockchain.

For instance, in China, there are plans to use blockchain to perform notary services.

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