Yesterday we were able to view the 2018 Market Survey Report for (Non-financial) Application of Blockchain in China. There is a lot of great information in this report. I found a few things very interesting.
PwC China Partner Chun Yin Cheung said, “Blockchain has transformative potential, its implementation can affect a company’s underlying business model. When it comes to technologies that impact the underlying architecture of the business model, an enterprise usually prefers to build a R&D team of its own. An in-house R&D team can facilitate system maintenance and information security while reducing costs. At the same time, many enterprises prefer to keep the underlying architecture of the business model under their control.”
So, even though we all hope for the projects we are investing in to "partner" with large corporations, it needs to be known that a lot of companies are applying blockchain to their business model, but are using their own teams to facilitate this.
"The survey also found that among enterprises that have already implemented blockchain, 53.3% have set up in-house blockchain R&D teams. This was more popular than the three alternative approaches of cooperating with blockchain start-ups (30.0%), cooperating with well-known companies (13.3%) and investing in or acquiring external blockchain start-ups (3.3%)"
As you can see over half the corporations that have implemented blockchain are using their own teams to create this. It is good to see the 30% of this market using current projects to implement blockchain tech into their business model.
I think this is very good to see in China, as the blockchain revolution is much bigger than just the market cap we stare at each day. These businesses that are hiring R&D teams to implement blockchain will be creating the FOMO for other companies that do not understand or refuse to understand how important blockchain tech can be for corporations and business in general.
Alot of these corporations are waiting for regulation or some sort of policy before they jump into this tech. They will soon envy the ones who jumped in head first and got the head start in this space.