The coronavirus pandemic prompted many Asian countries to adopt blockchain technology to secure their Internet data against hackers and cyber thieves, according to a report by the Nikkei Asian Review.
The increase in adoption comes as The Business Research Company said the global blockchain market is expected to reach US$15.88 billion by 2023.
Tomohiro Maruyama, senior manager of PwC Consulting, told the Nikkei that he believes the large-scale digital transformation caused by COVID-19 has led to the use of blockchain technology to protect against fraud. He called on other companies to adopt blockchain technology to secure their data, business and Internet meetings saying „more companies should adopt blockchain technology after the pandemic.
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Maruyama believes that Bitcoin Rejoin has emerged as an ideal solution to combat digital counterfeiting, leading companies to adopt it. „Blockchain has emerged as an ideal solution to combat digital counterfeiting, which has led companies to adopt the technology.
Kenta Akutsu, CEO of Japanese company LasTrust, revealed that his company has received many inquiries since the Coronavirus outbreak. She said her company launched a blockchain service in September called „CloudCerts,“ which provides universities with digital certificates, transcripts and expected graduation diplomas for college seniors looking for work.
Meanwhile, BitFlyer Holdings announced a blockchain-based application that allows shareholders to vote securely online. According to the company, the application prevents plagiarism by linking to the My Number system in Japan, allowing shareholders to vote securely from a distance. The company explained that it used the application to hold a meeting of its shareholders in June and plans to launch the application locally this fall and then extend it to Asia.
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The rest of the Asian countries
Other Asian countries have also used blockchain technology during the pandemic.
In Singapore, Agrocorp International has partnered with the United States company Cargill, the Singaporean startup blockchain Dltledgers and several logistics companies to monitor agricultural supply chains disrupted by country closures. According to the company, blockchain technology reduced the settlement time of its business transactions from one month to five days.
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In China, the online health care platform Xiang Hu Bao, which is part of Alibaba Group Holding, introduced a policy that pays up to CNY 100,000 (USD 14,000) in case of death from coronavirus.
But according to the company’s spokesman, the main obstacle to helping those in need was fraud and lack of transparency. They used Alipay’s blockchain technology, which gave them the ability to confirm transparency in addition to processing one billion transactions a day.