As it is well known, blockchain technology is changing how businesses operate.
The traditional way has always had inconveniences such as delays or lack of transparency in daily operations. But blockchain technology came to disrupt the traditional operations given all the advantages it provides such as speed, security, immutability, and transparency.
Thanks to these advantages, blockchain technology can be used as a public means of transactions or as private ledgers shared across a network for company transactions, record-keeping, or automated operations. Because of its customizable nature, companies in nearly every industry are rushing to take advantage of it and many are seeking either to adopt their own private blockchains or to hire a blockchain-based solution for their systems.
How Asia is Adopting Blockchain Technology
Even though blockchain is being adopted globally, Asia is taking the advantage and it is adopting it more and more frequently and amongst different industries.
The agricultural sector is an industry that is growing at a fast pace and it is constantly trying to adopt the latest technology in its processes.
Blockchain technology is being implemented in this sector as farmers are seeking to guarantee fair conditions for producers and consumers. These farmers want to innovate the production chain of their products providing transparency and added value to their work.
The key factors that are driving the implementation of blockchain in agriculture are the increase of care for the environment and the demand from the consumers for transparent information about the products they consume.
Currently, the Food and Agriculture Organization of the United Nations is implementing blockchain technology with Papua New Guinea pork producers and their main objective is to verify that their pork livestock meets all the international standards needed. This is possible thanks to blockchain’s immutable characteristic of transparency and data sharing in real-time.
Oxfam International is also implementing a blockchain platform in Cambodia in collaboration with rice farmers. They aim to achieve the parameters of “fair trade”, guaranteeing that producers receive fair payment and that customers have more transparent information when buying.
Financial & Banking Industry
Beyond the agricultural industry, blockchain technology is also being more frequently adopted in the financial and banking industries. Financial services organizations see blockchain technology as a game-changer and as the most effective strategy for increasing collaborative efforts. They also see it as a system that provides more security and transparency.
Traxalt is a Stellar blockchain-based solution that is currently providing sophisticated blockchain services to large companies that perform massive scale payment processing. This kind of payment processing tends to be complicated, expensive and it tends to take a long time whereas with the Traxalt blockchain solution the massive scale payment processing that companies currently perform, is simple, automated, fast, secure and it provides transparency to all those involved.
An important industry that is implementing blockchain technology in the Asia region is healthcare. Currently, governments of the region have shown willingness to invest and adopt this technology as they see how it could help this industry to be more efficient and transparent.
Singapore is leading the adoption and implementation of blockchain in healthcare and a state-owned technology company, SG Innovate, implemented a blockchain healthcare analytics startup called MediLOT Technologies. MediLOT Technologies focuses specifically on putting patient’s data at their disposal so that they can visualize it immediately and share it across their medical services.
Blockchain technology has grown exponentially in Asia and globally.
It is being adopted across multiple industries, and while many projects are still in their pilot stages, the vast options of blockchain technology solutions and the collaboration of large multinational companies with this technology firms are transforming the way enterprises perform by benefiting all parties involved.