Blockchain Industry is Growing so Fast in the Asia Pacific, Why?

December 17, 2018

Global Market Insights’ recent published a report claims about the significant growth of the blockchain market in the Asia Pacific region, which is caused by the increase in the number of investments in blockchain-based companies. According to the report, it only takes a few years for this market to hit $16 billion value, likely by 2024.

That may not be a huge value if we compare with US or Euro but an unbelievable one when it was only $545 million brought to the market through over 135 deal in 2016. Since that, we have seen wonderful growth, which nearly double value over $1 billion in investment after exactly one year. The number of deals only increased from 135 to 185 but their size tended to expand much bigger proving that investors’ more and more believe in this kind of industry.

The increase in funds of new technology also signals its continuous development focusing on the blockchain technology. Therefore, Blockchain becomes adopted more and more even it comes to other industries.

As usual, the adoption of new technology is seen in startups but with this new digital ledger technology, it’s a huge difference when largest companies in the world are crowding to invest in blockchain technology. Those include players like Ripple, IBM, Microsoft, Amazon, Digital Asset Holding, Alphapoint, Bacoor, etc.

Blockchain technology has a wide range to use with different level of adoption. The largest level of adoption for blockchain technology could surprise you because it’s not Cryptocurrencies but Healthcare.

Zion Market Research has published a report recently to claims that the healthcare market has seen the largest level of adoption when it comes to blockchain technology. In 2017, it only had $34 million value on a global scale. But the report shows their faith that the revenue would be closer to $1415.50 million by the end of 2024-meaning that it only takes 7 years to make it bigger nearly 42 times.

In healthcare, blockchain technology is divided into three segments – Application, region, and end user. The main uses of blockchain technology in the application includes clinical data exchange and interoperability, requires settlement and billing, as well as supply chain management. When it comes to the end users segment, it can be divided into pharmaceutical companies, healthcare payers, and healthcare providers.

Instead of doing step by step like other systems, Blockchain technology improves security and interoperability in parallel with making data management much more efficient.

Governments’ Involvement in Blockchain Technology

There are so many reasons for people to be interested in Blockchain technology but the biggest one comes from the support of the government, according to the Global Market Insights’ report. Although governments have to deal with many risks, they are going through numerous policy changes and initiatives to understand the new technology and benefit from its use, which has Two highlights represents are China and Singapore.

Both Singapore and China are considering to use blockchain in many fields. Singapore’s Monetary Authority in their efforts to use the blockchain technology for conducting inter-bank payments has even partnered with R3 back in 2016 to serve this need. They also tend to use blockchain to link its National Trade Platform to those of other countries as another potential if this technology.

At the same time, the government of China priorities to use blockchain technology for tracking charity donations. They even plan to make a complete overhaul of their charity tracking system, which blockchain technology would play the role as a powerful tool.

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

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