Motivated by the coronavirus pandemic, Asian nations had been stepping up the pace of blockchain adoption, as an increasing number of people were unable to return to their usual life, with social distancing measures in place. The main reason why this process had speed up has to do with increased internet threats coming from hackers and cyber thieves.
Blockchain market on the ascendency
A recent report from Nikkei Asian Review highlights some of the numbers for the blockchain market growth in the upcoming years. By 2023, it is expected to hit $15.88 billion based on the figures released by The Business Research Company. Blockchain innovations occur all around the world, as we’ve seen NEO and BSN joining forces to support the broad integration of this technology.
Tomohiro Maruyama, the senior manager of PwC Consulting, talked with Nikkey Asian Review about the growing blockchain interest, highlighting some of the benefits of using this technology:
“Internet piracy has posed a major challenge for companies as they look to digitalize operations…Blockchain emerged as a solution for fighting digital counterfeits, pushing businesses to adopt technology. “
Conditions are lining up for fast integration of blockchain solutions, as the world will still need to cope with the pandemic in 2021, even after a cure will be found. This virus might not be as deadly as the Spanish Flu virus, but it is highly contagious and people must follow social distancing guidelines to avoid an overwhelming of the health care system.
Blockchain with no cryptocurrency
Increased regulatory scrutiny is not motivating trusted companies to embrace cryptocurrencies alongside the blockchain. As many had proven over the years, the technology does not necessarily need a cryptocurrency to work properly and because of that, investments are pouring into blockchain-related software development.
The US SEC had recently charged the Boon.Tech ICO, proving another sign that companies using crypto without registration can face serious penalties. Across Asia, many companies are taking measures to integrate blockchain. Agrocorp International, a Singapore-based entity, partnered with America’s Cargill, Singapore startup Dltledgers, with the main goal of monitoring disrupted agricultural supply chains.
China had announced since April a blockchain innovation industry alliance, as part of a larger plan to bring companies together with the main goal of unleashing the potential of this technology. The pandemic is forcing dramatic changes to the global economy and the blockchain represents an efficient tool to make the transition without major disruptions and without losing productivity.