The Pandemic Is Prompting Asian Countries to Adopt Blockchain

The Corona pandemic prompted many Asian countries to adopt blockchain technology to secure their data via the Internet against hackers and cyber thieves, according to a report from the Nikkei Asian Review.

This increase in adoption comes as  The Business Research Company said the global blockchain market is expected to hit $15.88 billion in 2023.

Tomohiro Maruyama, senior manager of PwC Consulting, told Nikkei that he believes the large-scale digital transformation caused by COVID-19 has led to blockchain’s use to protect against fraud. He called on other companies to adopt blockchain to secure their data, business and meetings via the Internet saying “more companies should adopt blockchain after the pandemic.”  

Maruyama believes that Blockchain has emerged as an ideal solution to combat digital counterfeiting, which has led companies to adopt it. “Blockchain emerged as a solution for fighting digital counterfeits, pushing businesses to adopt the technology.”

Kenta Akutsu, CEO of Japanese startup LasTrust, revealed that his company received many inquiries since the outbreak of the Coronavirus. He clarified that his company launched a blockchain service in September called “CloudCerts,” which provides digital certificates to universities, academic transcripts, and expected graduation diplomas for college seniors looking for jobs.

From its part, BitFlyer Holdings announced a blockchain-based app that allows shareholders to hold their meetings and also vote securely online. According to the company, the application prevents plagiarism by linking to the My Number system in Japan, allowing shareholders to vote securely remotely. The company explained that it used the app to hold a meeting of its shareholders last June and that it plans to launch the application locally this fall and then spread to Asia.

The rest of the Asian countries

Other Asian countries have also turned to blockchain during the pandemic. 

In Singapore, Agrocorp International has partnered with America’s Cargill, Singapore blockchain startup Dltledgers, and a number of logistics companies to monitor disrupted agricultural supply chains in the wake of country lockdowns. According to the company, blockchain technology shortened the settlement time for its commercial transactions from one month to five days.

In China, the online health care platform Xiang Hu Bao, part of Alibaba Group Holding, introduced a policy that pays up to 100,000 yuan ($ 14,000) in the event of death from the coronavirus.

But according to the company spokesperson, the main obstacle in helping the needy was a fraud and lack of transparency. For this, they used Alipay’s blockchain technology, which provided them with the ability to confirm transparency in addition to processing one billion transactions per day.