These three industries in China are poised to benefit most from blockchain, survey says

Logistics, government and medical services are areas that enjoy the most potential to adapt blockchain technology in China, according to a joint survey by PwC and VeChain on Wednesday.

Mainland regulators have clamped down on cryptocurrencies, banning initial coin offerings and forcing bitcoin trading platforms to move offshore. But authorities are still open to the use of the digital decentralisation technology.

More than half of respondents said the new technology will have a significant impact on business.

The survey, conducted between November and December, focused on the application of the technology on non-financial sectors. About 130 companies were surveyed online while 40 others were conducted through face-to-face interviews. Half of the companies have revenue of more than US$100 million.

“Blockchain has transformative potential, its implementation can affect a company’s underlying business model,” said Cheung Chun Yin, a PwC China partner in Shanghai.

Logistics is viewed as the industry most predisposed to utilising the technology outside finance, as it can help trace the origin as well as track transport and storage data.