Why Is Asia Pacific Blockchain Industry Growing so Fast

Global Market Insights’ recent report claims that the blockchain market in the Asia Pacific region has seen a significant growth thanks to the increase in the number of investments in blockchain-based companies. The report also claims that the market will hit $16 billion in the next few years, likely by 2024.

Back in 2016, the number of investments in blockchain-based startups had seen over 135 deals. These deals have brought over $545 million to the market at the time. Then in 2017, the market grew by 50% after over 185 deals were made. This event brought over $1 billion in investments.

The increase in funds signals the continuous development of new technologies, with the focus of investors remaining on the blockchain. Because of this, blockchain technology has seen a significant increase in adoption, even when it comes to other industries.

Digital ledger technology has experienced a large increase in adoption levels. This does not only include startups, but also some of the largest companies in the world. Those include players like Ripple, IBM, Microsoft, Amazon, Digital Asset Holding, Chain, Abra, R3, SAP, Digiledg, Earthport, Coinbase, BTL Group, Blockstream, BitSE, Bloq, Blocko, Asta Solutions, Alphapoint, and Bacoor.

Largest Focus is on Healthcare

A recent report published by Zion Market Research claims that the healthcare market has seen the largest level of adoption when it comes to the blockchain technology. The value of this technology on a global scale was over $34 million back in 2017. Today, however, the revenue expected to be generated by the end of 2024 is closer to $1415.59 million according to reports.

The blockchain technology in healthcare is divided into three segments — application, region, and end user. The segment regarding the application includes clinical data exchange and interoperability, claims settlement and billing, as well as supply chain management. When it comes to the end user segment, the technology is once again segmented into pharmaceutical companies, healthcare payers, and healthcare providers.

Blockchain technology is making data management much more efficient, while at the same time, it improved security and interoperability.

Governments’ Involvement in Blockchain Technology

According to the Global Market Insights’ report, one of the biggest reasons for such a huge interest in the blockchain technology comes from the fact that the government of the region supports it as well. Through numerous policy changes and initiatives, countries like China and Singapore are trying to understand the new technology and benefit from its use.

Singapore’s Monetary Authority has even partnered with R3 back in 2016 to explore the blockchain technology and use it for conducting inter-bank payments. Additionally, the country is exploring another potential use case for this technology, which has a goal of linking its National Trade Platform to those of other countries.

At the same time, the government of China is trying to use the blockchain for tracking charity donations. In fact, they even plan to use it to make a complete overhaul of their charity tracking system.

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