Pandemic boosts blockchain use in Asia

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One outcome of the global pandemic is the rising adoption of blockchain in Asian countries. The reason for this is “to secure their data via the Internet against hackers and cyber thieves, according to a report from the Nikkei Asian Review.”

According to Cointelegraph, this rise in blockchain use comes at the same time 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, spoke to the Nikkei, saying he believes the large-scale digital transformation caused by COVID-19 has led to blockchain’s use to protect against fraud, and he urged more companies to adopt blockchain after the pandemic, calling on industry leaders to adopt blockchain to secure their data, business and meetings via the Internet.

In his view, blockchain is the ideal solution to combat digital counterfeiting, and that this is a major reason behind companies adopting it.

Kenta Akutsu, CEO of Japanese startup LasTrust, said that his company had received an increased number of enquiries since the Covid-19 outbreak began. His company launched a blockchain service last September called “CloudCerts” which provides digital certificates to universities, academic transcripts, and expected graduation diplomas for college seniors looking for jobs.

In another example, BitFlyer Holdings announced a blockchain-based app that allows shareholders to hold their meetings and also vote securely online. 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.

Singapore’s Agrocorp International has partnered with America’s Cargill, Singapore blockchain startup Dltledgers, and a number of logistics companies to monitor disrupted agricultural supply chains following the country’s lockdowns. It also reported that using blockchain had shortened the settlement time for its commercial transactions from one month to five days.

And in China, 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. However, it found that fraud was a big issue, so it is now using Alipay’s blockchain technology for the purposes of transparency, and it is now able to process one billion transactions per day.

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