COVID-19 Catalyzes Blockchain Adoption Across Asian Countries

Many Asian countries have been pushed towards blockchain technology adoption as a direct response to the COVID-19 pandemic. This was done to secure their data within the Internet against cyber thieves and hackers, according to a report from Nikkei Asian Review.

Overall Urging For Blockchain Adoption

This massive increase in crypto adoption comes just as the Business Research Company claimed that the global market for blockchain technology is expected to rise to $15.88 billion in value by 2023

Tomohiro Maruyama stands as PwC Consulting’s senior manager, and was quoted on Nikkei. He stated that he is convinced that the large-scale transformation to digital technology caused by the COVID-19 pandemic has led to the use of blockchain technology. In particular, for the use of protection against fraud. Maruyama further urged other companies to implement blockchain adoption in order to secure their business, data, and meetings done through the Internet. He was quoted in saying that more companies should opt to adopt blockchain technology after the pandemic, as well.

Massive Influx Of Blockchain Demand

Maruyama stands convinced that blockchain technology stands as an ideal solution in order to combat the practice of digital counterfeiting. This, of course, has led to many companies adopting it for just that, according to Maruyama.

Kenta Akutsu stands as the CEO of LasTrust, a Japanese startup company. He has revealed that LasTrust has been receiving an array of new inquiries since the COVID-19 pandemic broke out. As a clarification, Akutsu stated that his company had launched a blockchain service going by the name of “CloudCerts” back in September of last year. This allows the provision of academic transcripts, digital certificates to universities, as well as expected graduation diplomas for college seniors searching for a job.

Innovations Across Asia

BitFlyer Holdings, for its part, had announced an app based on blockchain technology, allowing shareholders to vote and hold meetings online securely. According to BitFlyer, this application allows for the prevention of plagiarism, doing so by linking up to the My Number system within Japan itself. This allows shareholders to vote securely from a remote location, thus protecting themselves from the ongoing pandemic. The company stated that it used this app to hold a meeting with its shareholders back in June, and is planning to launch the application this fall in Japan, then spread it across Asia as a whole.

Across the rest of Asia, similar events have been occurring. One of the more apparent ones is the Xiang Hu Bao health care platform introducing a new policy, one that pays up to 100,000 in Yuan ($14,00) should someone die from the COVID-19 pandemic. It’s applying blockchain technology in order to increase transparency and help with the transaction processing.