Blockchain Takes Over Bitcoin Across Asia

loading Blockchain Takes Over Bitcoin Across Asia

Many organisations are already exploring the possibilities of the Blockchain, although it plays primarily still in the Financial Services industry. While blockchain technology is still in its fledgling stage, Asia looks to play a major role in increasing blockchain usability in the industries.

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Blockchain Technology in China

Anti-cryptocurrencies in China that would probably point against the traditional cyrptocurrencies like Bitcoin,because it is still sustained to be the warming up ideas to the blockchain technology as it is decentralized (neither run by the government nor single authority).

Blockchain Technology in Singapore

Both the crypto and blockchain has been strongly supported and stabled by the industries in one of the islands nation in Asia, Singapore. In the beginning it was set up for its service-based industry and recently it has set up its own blockchain hub in the city-state, the heart of Asia. In order to test their ideas with the blockchain start-ups, the programs from favourable tax laws and sandbox has been set up. There are around 50 startups that depends on the blockchain-based technologies says a senior official Ravi Menon from Singapore (the Monetary Authority of Singapore- or MAS). Moreover, the venture capitalists are ready to invest in the technology and there are even large tech firms to explore use cases, where local institutions make research on it.

Blockchain Technology in Indonesia

Indonesians government did not ban the ownership of cryptocurrencies for trading or crypto exchanges but there wasn’t much allowance for the cryptocurrencies sale. Majority of commercial banks in the country has stated that they are still focusing on the blockchain technology and searching for its viable use case which shows that the country has no problems with the blockchain.

The start-ups like Blockchain Zoo provides blockchain consulting, and information and materials related to blockchain, anti fraud, and supply chain management with the use of the technologies that has been implemented. Meanwhile, the Indonesian Blockchain Network works to raise the awareness of the technology. In fact, it also primarily helps to locate the problems with the bank in the loaning department.

Blockchain Technology in Japan

Cryptocurrency and blockchain technology has been highly accepted by another island nation Japan, which is deeply noted as the economic hub region. On May 2016, the citizens of Japan was exclaimed with the bill passed by the government stating that, cryptocurrency is acknowleged as money! In 2014, the trading volume of Bitcoin was $22 million and in 2017, it was $97 billion, and unexpectedly the volume ranged low in the year 2018.

Blockchain technology has great impact in the country as well. Mitsubishi UFJ Financial Group (MUFG), the biggest bank in Japan, was in partnership with a U.S. tech company named Akamai, which eventually started produce low cost payments and as well as to increase speed. For another instance, can have a look on SBI Group (a financial services and assets group, well known for its raise of 30 billion yen for fintech funds in December of 2015) who trusts that many oragnisations would gain more. In the early 2018, they aimed to raise a venture capital fund around $450 million to invest in AI and blockchain technology.

Blockchain Technology in Thailand

Either by the end of 2017, or early in 2018, the Thailand Post was ready to begin with the usage of blockchain technology to stake out high-value parcel posts, such as for valuable and luxurious items.

In 2001, government introduced Electronic Transaction Act to support the agencies and also to look over the block-chain powered smart contracts. Between Japan and Thailand, a Ripple-powered, blockchain-based solution to life, which would allow customers to make the real-time payments, has been asserted by Siam Commercial Bank. A “completely paperless” Letter of Guarantee network in partnership with IBM Blockchain has been started by the largest bank in the country, Kasikorn. In the end of 2018, they expected to have about 35% in order to increase the the bank’s electronic Letter of Guarantee from 5%.

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