Asia Adopting Blockchain Rapidly in the Business

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • The Business Research company to comment in their report that the blockchain market may grow up to $15.88 billion by the year 2020.
  • Agrocorp International in collaboration with America’s Cargill is working to bring the disrupted trade supply of wheat and other Agro products back on track.
  • Japan-based startup, LAsTrust headed by Kenta Akutsu launched its blockchain-based services allowing the share of digital documents ( certificates, academic transcripts, diplomas etc.) for Universities.

Coronavirus has promoted companies to take drastic measures which previously were not even thought about. Such measures have also raised serious questions about the data safety and security breach. Blockchain adoption is the key step which is solving the problem for the companies. With more than 59% of the world population, Asian countries have been at the top for its adoption. These countries are relying on blockchain for safety against bolder, digital theft and breach of data.

This has also led experts like The Business Research company to comment in their report that the blockchain market may grow up to $15.88 billion by the year 2020. And this news comes despite the retreat of 7.27% ( $2.27 billion) of annual growth. 

Agrocorp International in collaboration with America’s Cargill is working to bring the disrupted trade supply of wheat and other Agro products back on track. This cross-continent Agro trade was secured with blockchain by dltledgers, a Singapore based company. The shipment was valued at $12 million and took 5 days for the transaction to complete which earlier used to take sometimes as commented by the company’s official.

China with their advancement in CBDCs took the opportunity in adopting the blockchain for their health infrastructure. Xiang Hu Bao, an online health care platform which is also part of Alibaba Group Holding has introduced Alipay’s blockchain technology which will help in providing the transparency and necessary safety in the health care claims. The company is paying $ 14,000 (100,000 Yuan) in circumstances of death from COVID-19.

Japan in the lead

Japan declared an emergency in the month of April which spiked the use of fake digital documents and started to penetrate the businesses of the country. For the solution to this, Japan-based startup, LAsTrust headed Kenta Akutsu launched its blockchain-based services allowing the share of digital documents ( certificates, academic transcripts, diplomas etc.) for Universities.

One major problem companies faced during Pandemic was conducting Board meetings with the same security. bitFlyer Holdings developed a blockchain-based system that linked their app with Japan’s My Number ( a national identification system) which prevented the spoofing of individuals. Nihon Unisys a food service-based company, is collaborating with Glocal Crowdfunding for providing digital coupons to more than 600 businesses of Japan’ southern island, Kyushu.

Companies are already looking to expand their business in other southeast Asian countries. And with Japan’s crypto-based trade with ASEAN things will only grow in Asia.

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