China will take the lead in developing blockchain tech that will end the US's years of supremacy. A global survey predicted that China will surpass the U.S. between the years 2021 and 2023.
The U.S. is the leading superpower when it comes to the development of the cryptocurrency. It was proven by the result of a survey reported by PwC, that almost 29 percent of the respondents believe that the US is the world leader when it comes to the advancement of decentralized technology.
The survey showed 18 percent of the respondents believe that China is the leading blockchain developer making China the second biggest based on the survey. The PwC Global Blockchain survey was conducted across 14 nations in which 600 executives were the respondent
PxC projected that the China, US, Australia, India, Hong Kong, Denmark, Japan, and U.K. are the leading countries are the most advanced in developing blockchain projects in 2023.
However, the study also asked the executives about their perception of the future of the technology. The result of the survey found that 30 percent of the respondents believe that China will surpass the US in the blockchain development. Only 18 percent of the respondents believe that the US will continuously lead the way in the next five years.
The study showed that other companies aside from the two giants will gain low figures in their projection. They projected that that number of executives believing on UK's tech development decreased from 5 percent to 2 percent. Executives trust in Japan's blockchain development also decreased from 6 percent to 4 percent.
The respondent's trust in India and Australia's tech development increased indicating that the executives believe that their cryptocurrency development will proper. Denmark and Hong Kong are on their steady trend based on the PwC's prediction.
The study from PwC concluded that only one percent of the companies surveyed have a working blockchain development. It agrees with TNW's prediction that 60 percent of the top cryptocurrency companies don't have working products.
Cordelia Jenkins of The Financial Times cited James Kynge commenting that the on-going US trade sanctions between the US and China hurt the latter's economy. It is, however, deterrent China will prevail in the long run and surpass others as the world's tech superpower.
The news network reported that Chinese companies are already overpowering the US technology and intellectual property in the market. The report of the network also agrees with PwC's projection.
