Asian blockchain adoption raises

Thursday 20 August 2020 10:51 CET | News

The COVID-19 pandemic has accelerated blockchain adoption across Asia as companies rely on the technology to secure their data as well as combat potential hackers and digital thieves.

The increasing rate of adoption of blockchain technology among companies might have been triggered by the COVID-19 pandemic. As businesses were forced to digitise their operations due to social distancing restrictions in place, companies turned to blockchain technology to guard against hacks and attacks on their platforms. One company, bitFlyer, developed a blockchain-based app that is linked to Japan’s national identification system to prevent spoofing. With the app, investors can still cast their votes on important company decisions without physically attending the meetings.

Aside from Japan, blockchain adoption has accelerated in other Asian countries as well. For instance, Singapore-based Agrocorp International partnered with Cargill, blockchain startup Dltledgers and logistics companies to put up a system for tracking the agricultural supply chain. Meanwhile, China’s insurance industry employed blockchain to speed up claims settlement without physical contact between customers and company representatives.

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Keywords: Asia, blockchain, coronavirus, COVID-19, pandemic, technology, data, digital, bitFlyer, Japan, Singapore, Agricorp International, Cargill, startup, dltledgers, insurance
Categories: DeFi & Crypto & Web3
Countries: Asia
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DeFi & Crypto & Web3

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