Covid19 Is Making Asian Countries Adopt Blockchain Faster

COVID19 is making Asian countries adopt blockchain technology faster as they are finding new ways to use the technology during the pandemic so let’s find out more in the latest blockchain news today.

COVID19 is making the Asian countries adopt blockchain faster in order to be able to secure their data via the internet against hackers and thieves according to the report from Nikkei Asian review. The increase in adoption came after the Business Research Company said that the global blockchain market will hit $15.88 billion in 2023. Tomohiro Maruyama who is a manager of PwC Consulting said that he believes the bigger-scale digital transformation caused by the coronavirus pandemic will lead to blockchain use to protect against fraud. He called on other companies to adopt blockchain in order to secure their data saying that more companies should adopt the technology after the pandemic.

Maruyama believes that Blockchain technology emerged as an ideal solution to fight against digital counterfeiting which led to companies adopting it:

“Blockchain emerged as a solution for fighting digital counterfeits, pushing businesses to adopt the technology.”

Kenta Akutsu, the CEO of the Japanese startup LasTrust revealed that the company received a lot of inquiries since the virus emerged and clarified that the company launched a blockchain service back in September called “cloudCerts” which provides digital certificates to academic transcripts, universities and graduation diplomas for college seniors that are looking for a job. BitFlyer Holdings announced the blockchain-based app which allows the shareholders to hold their meetings online. The application prevents plagiarism by linking the My Number system in Japan thus allowing shareholders to vote securely. The company explained that by using the app, the meetings can be held online and they have plans to launch it this fall and then spread to Asia.

Other Asian countries turned to blockchain during the pandemic for example, in Singapore, Agrocorp International partnered with America’s Cargill the blockchain startup Dltledgers and a few other logistic companies will monitor the disrupted agricultural supply chains during the lockdowns. According to the company, the blockchain technology shortened the settlement time for the transactions to five days. In China, the online health care platform Xiang Hu Bao introduced a new policy that pays up to 100,000 yuan in an event from the coronavirus.