The Nikkei Asian Review revealed that many Asian countries are adopting blockchain to enable extra security of their data from hackers and cyber thieves in times of pandemic.
With the market increasing to a worldwide scale, the shift is at hand and expected to bum the $15.88 billion come 2023; The Business Research company backs up this in their report.
The large-scale digital transformation brought by COVID-19 is forcing these companies to use blockchain to protect against fraud, said Tomohiro Maruyama, the senior manager of PwC Consulting.
He also mentioned that he called companies to espouse blockchain to safe keep their data, business, and meetings via the Internet and saying “more companies should adopt blockchain after the pandemic.”
“Blockchain emerged as a solution for fighting digital counterfeits, pushing businesses to adopt the technology,” Maruyama quipped.
As well, he believes that blockchain has become a norm to contest digital counterfeiting, which has led companies to adopt it.
Meanwhile, the CEO of the startup tech company, Kenta Akutsu, disclosed that his company accommodated an outpour of inquiries since the outbreak of the Coronavirus.
He has started diving into the blockchain business last September when he launches a project called “CloudCerts,”. This gives digital certificates to universities, academic transcripts, and expected graduation diplomas for college seniors looking for jobs.
On the other news, BitFlyer Holdings announced a blockchain-based app that empowers shareholders to hold their meetings and also securely cast votes online.
From the company’s recent statement, the application stops plagiarism by linking to the My Number system in Japan. This is projected to have become a widespread practice and adaptation in Asia.
What other Asian countries have joined the blockchain?
Let’s start with Singapore. The Agrocorp International sealed a deal with America’s Cargill, Singapore blockchain startup Dltledgers, and various logistics companies to display disrupted agricultural supply chains in the wake of country lockdowns. The blockchain technology has helped them to do the settlement time for its commercial transactions from one month to five days.
As well, in China, the online health care platform Xiang Hu Bao, part of Alibaba Group Holding, launched a policy that rewards 100,000 yuan ($ 14,000) in the event of death from the Coronavirus.
Despite a challenge in, appearing as appearing struggle with fraud and lack of transparency, they still have utilized Alipay’s blockchain technology, which gave them with the adds a confirmation control for openness on top of the one billion transactions per day.