[eMarketer] China’s strategy to dominate the next generation of internet
As internet technologies evolve and global superpowers compete to exert dominance in that space, there have been spirited efforts and investments to achieve that goal with these countries leaving nothing to chance to make their case.
China, an indefatigable player has embraced the latest innovations to position itself as the global tech powerhouse.
Among these include cryptocurrency and 5G that have been championed by both the government and the private sector. Since its launch one year ago, the government-owned Blockchain-based Service Network, Launch has attracted over 20,000 users and thousands of blockchain projects as quoted by The Wall Street Journal.
eMarketer observes that in the next decade, blockchain applications have will contribute trillions of dollars to the world economy and quotes a 2020 PwC report that indicates that blockchain applications will reach $1.76 trillion from $65.8 billion in 2021.
China is betting on such figures to grow its global market share of blockchain by enticing developers to its BSN work by offering them cheaper server space and programming tools to create blockchains.
On the other hand, China has invested heavily on 5G and currently has the largest 5G network in the world. Even as the rest of the countries enter into trade wars with China, through bans and restrictions, the country has stayed the course.