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Blockchain Adoption In Asian Countries

Asian countries found Blockchain technology as a solution to Corona pandemic. Recently, a report from Nikkei Asian Review revealed that Asian countries...

Written by Wallebi Author · 1 min read >
Blockchain Adoption In Asian Countries

Asian countries found Blockchain technology as a solution to Corona pandemic. Recently, a report from Nikkei Asian Review revealed that Asian countries adopted blockchain technology in order to secure their data against cyber thieves. It estimated that blockchain market will hit $15.88 billion in 2023. The blockchain adoption in Asian countries is in the list of hot news in cryptocurrency world.

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Blockchain adoption in Asian countries; CloudCerts

The senior manager of PwC Consulting, Tomohiro Maruyama, told Nikkei that a digital transformation is happening due to COVID-19 pandemic. Tomohiro noted that the transformation is happening in a large-scale and it leads to use blockchain in order to protect the data against hackers. He recommended other companies and businesses also to join the batch and use blockchain to secure their data. He believes that the COVID-19 pandemic is a good opportunity for most companies to upgrade to the new technology.

The CEO of Japanese startup LasTrust, Kenta Akutsu, also mentioned that the inquiries from his company increased significantly during Coronavirus pandemic. Recently, his company launched a blockchain service called “CloudCerts” in September. CloudCerts provides digital certificates to colleges and universities and academic transcripts.

Blockchain adoption in Asian countries; BitFlyer also joined the game

In addition to those above, BitFlyer Holdings launched a blockchain-based app, which allows shareholders to vote securely as well as hold their meetings online. The company announced that this application prevents plagiarism by connecting to “My Number” system in Japan. As a result, it allows shareholders to vote securely remotely.

BitFlyer used the app in order to hold a meeting of its shareholders on Jun. The company planned to launch the application locally this coming months and spread it to Asia.

What about the rest of the Asian countries?

The rest of Asian countries also employed blockchain technology during COVID-19 pandemic.

A Singaporean company, Agrocorp International, collaborated with DLtLedgers, America’s Cargill and other logistic companies to reorganize the agriculture supply chain. The company explained that using blockchain technology made the settlement time shorter. In fact, by using blockchain the commercial transactions take less than one week. Previously it was taking over one month.

Xiang Hu Bao is the online healthcare platform in China. Recently, they introduced a policy, which pays over $14000 in the event of death from COVID-19. Frauds and the lack of transparency are two major obstacles that the project was facing with. As a result, they joined Alipay’s blockchain technology to confirm the transparency and be able to process over one billion transactions per day.

Written by Wallebi Author
Author and analyst in the field of cryptocurrency Profile

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