AntChain Leads China's BaaS Market, Data Element Circulation Becomes the Core of Future Development

AntChain Leads China's BaaS Market, Data Element Circulation Becomes the Core of Future DevelopmentChina's BaaS market reached 1.89 billion yuan in 2023, with a growth rate of 23

AntChain Leads China's BaaS Market, Data Element Circulation Becomes the Core of Future Development

China's BaaS market reached 1.89 billion yuan in 2023, with a growth rate of 23.7%. A recent report from IDC, "China BaaS Market Share, 2023," shows that AntChain, with a market share of 26.5%, has ranked first for four consecutive years. Tencent Cloud and Inspur follow closely behind.

AntChain continues to cultivate the industrial blockchain, taking the lead in the "new energy + blockchain" field. As the technology brand of Ant Financial, AntChain adheres to independent research and development of core technologies. It has built the world's largest blockchain platform for new energy equipment, with over 10 million devices on-chain. The platform supports 2 billion accounts and a throughput of 100,000 TPS, demonstrating its strong technical capabilities.

BaaS market development trends: consortium chain technology matures, performance, cross-chain and smart contract tool platforms become the main directions for technology optimization. IDC points out that data element circulation scenarios are the core scenarios for future blockchain market development. Currently, the energy industry and agriculture policy continue to see increasing benefits, creating significant demand for trusted data circulation.

Hong Wanting, Senior Analyst at IDC China, stated that highlighting the effectiveness of blockchain projects rather than the technology itself has become crucial for driving blockchain project implementation. Technology providers should deeply integrate with scenarios and industry development pain points, develop the irreplaceability of blockchain in these scenarios, seize new scenarios, and attract overseas users.

The following is a detailed interpretation of the report data and market trends:

I. AntChain Continues to Lead, Market Concentration Further Enhanced

In 2023, China's BaaS market reached 1.89 billion yuan, a year-on-year increase of 23.7%. IDC data shows that market concentration has further strengthened. AntChain, with its leading technological capabilities and mature application scenarios, has secured the top spot with a market share of 26.5%, achieving its fourth consecutive year at the helm. Tencent Cloud and Inspur follow closely, ranking second and third with market shares of 15.3% and 10.2% respectively.

II. Technology Development: Consortium Chain Technology Matures, Performance Enhancement Becomes Key

Over the past five years, consortium chain technology has matured and continuously iterated and optimized. To support larger-scale nodes and richer applications, performance, cross-chain and smart contract tool platforms have become the main directions for technology optimization.

Performance enhancement is one of the important directions for technological development. As blockchain application scenarios continue to expand, the performance demands are also increasing. The AntChain platform supports 2 billion accounts and a throughput of 100,000 TPS, showcasing its performance advantages.

Cross-chain technology becomes the key to connecting different blockchain networks. Cross-chain technology enables interoperability between different blockchains, facilitating cross-chain data and value flow, providing support for wider application scenarios.

The improvement of smart contract tool platforms has enhanced development efficiency and security. Smart contract tool platforms provide a complete set of development tools and environments, enabling developers to quickly build and deploy smart contracts, improving development efficiency and security.

III. Future Development: Data Element Circulation Scenarios Become Core

Data element circulation scenarios are the core scenarios for the future development of the blockchain market. Currently, the energy industry and agriculture policy continue to see increasing benefits, creating significant demand for trusted data circulation. Blockchain technology can effectively address the issues of data security, credibility, and circulation, providing reliable technical support for data element circulation.

Energy Industry: Blockchain technology can be used in energy trading, carbon emission management, equipment traceability, etc., promoting the digital transformation of the energy industry.

Agriculture: Blockchain technology can be used in agricultural product traceability, supply chain management, agricultural insurance, etc., improving agricultural production efficiency and product safety.

Other Industries: Blockchain technology will also play a significant role in supply chain finance, intellectual property protection, digital asset management, and other fields.

IV. Technology Providers Need to Deeply Integrate with Scenarios, Develop the Irreplaceability of Blockchain

Hong Wanting, Senior Analyst at IDC China, stated that highlighting the effectiveness of blockchain projects rather than the technology itself has become crucial for driving blockchain project implementation. Technology providers should deeply integrate with scenarios and industry development pain points, develop the irreplaceability of blockchain in these scenarios, seize new scenarios, and attract overseas users.

Here are some measures that technology providers can take:

• Deeply explore industry pain points and identify key issues that blockchain technology can address.

• Develop solutions targeted at specific scenarios and conduct practical application verification.

• Build an ecosystem and work with partners to promote the implementation of blockchain applications.

Summary: China's BaaS market is developing rapidly, and the future will focus on data element circulation scenarios, further promoting the implementation of blockchain technology applications. Technology providers need to deeply integrate with scenarios, develop the irreplaceability of blockchain, in order to stand out in the competition.

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