The Asian market has opened its doors for innovative solutions using blockchain technology. The government has also expressed its total support for the development of blockchain solutions and adoption of the technology in their institutions.
Asia’s technology ecosystems have continued to be vibrant with the fast adoption of new technologies. The latest adoption being the blockchain technology that has created a sense of excitement and optimism about the future.
It is not just China which has greenlighted the technology by promising support from China. A lot of Asian countries are also in the process of adopting technology and new startup and cropping up to compete with their western counterparts.
Adoption of blockchain technology
Thailand, for instance, has started implementing Sharering’s digital identity system and blockchain infrastructure last week. The technology will be integrated with their Visa issuing technology to make the process run smoothly. They indicated that the first two countries to use this technology for visa applications will be China and India.
Thailand is hopeful that by implementing the blockchain technology in their visa issuing processes, they will be able to reduce the backlog. They also want to improve on the security involved in visa applications.
Thailand had already introduced blockchain-based tax payback system in November and in September, the Thai energy company, PTT was already using blockchain-based renewables platform.
The blockchain investment and development scene have gained popularity in Asia and investors are starting to notice. Alexander Kech, CEO of digital asset custodial service Onchain Custodian said,
Asia loves blockchain because the technology is considered as a unique way to solve financial inclusion and cross-border remittance challenges, Less tight to legacy technology, countries are able to leapfrog and, leveraging new tech like blockchain, progress faster than many established economies.
Singapore is another country that is leading the way in blockchain development. They also hold the biggest blockchain summits in the world with attendees of more than 60,000. Singapore government has also contributed a lot to the adoption of blockchain technology in the Asian country.
Hong Kong and South Korea have also taken steps in ensuring that they adopt the technology. They are technology savvy and their populace has welcomed the innovativeness of the blockchain technology, adapting it in their day to day life. APM fashion market, for instance, has seen a rise in sales after adopting to use cryptos provided by APM coin.
Bina Cho is VP of Marketing Strategy at APM Coin, called Koreans tech-savvy and early technology adaptors looking to experience the technology on their own. He continued by saying that the trend in the Asian market is, most innovation is being done and tested in the Korean market because of their open-mindedness.
Blockchain technology usage across Asia is now being deregulated and many countries are now becoming openminded with the adoption of the technology. China’s government has already indicated they will support the adoption of the technology. Universities across Asia are also teaching or planning to start courses that focus on the blockchain. This is the patch Asian countries are taking towards blockchain technology.
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