The Corona pandemic prompted many Asian countries to adopt blockchain technology to secure their data via the Internet against hackers and cyber thieves.
Crypto Business World
CBW -External Analyst
Aug, 20 2020
Asian en-routes to Blockchain theory
Where thedevastating COVID19 has set the world on a standstill, an unexpected emergence of digital currencies broke out in its prominence. In this pandemic, the Asian world adopted blockchain technology to secure their data via the Internet against hackers and cyber thieves.
As aware, that the crypto-world have proved its excellence in preventing data breach and digital security. The senior manager of PwC Consulting told Nikkeithat “he believes the large-scale digital transformation caused by COVID-19 has led to blockchain’s use to protect against fraud. He advised other companies to adopt blockchain to secure their data, business and meetings via the Internet saying more companies should adopt blockchain after the pandemic."
With the utmost concern of privacy and virtual security Blockchain embarks as an ideal solution to combat digital counterfeiting, which has led companies to adopt it and has hoist the one on solution for fighting digital counterfeits, pushing businesses to adopt the technology.
The Asians en-routed towards the technology where the merits nullify the demerits. Kenta Akutsu, CEO of Japanese startup LasTrust, revealed that his company received many inquiries since the outbreak of the Coronavirus. He clarified that his company launched a blockchain service in September called "CloudCerts,” which provides digital certificates to universities, academic transcripts, and expected graduation diplomas for college seniors looking for jobs.
The wings of Blockchain theory has spread west to east across the continent and its effect is impressive. In Singapore, Agrocorp International has partnered with America's Cargill, Singapore blockchain startup DLT ledgers, and several logistics companies to monitor disrupted agricultural supply chains in the wake of country lockdowns. According to the company, blockchain technology shortened the settlement time for its commercial transactions from one month to five days.
In China, the 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 (reports the source).
The transparency and efficiency to the system has being the backbone to exploit the crypto world and the with this growth speedometer it is estimated that the global blockchain market is expected to hit $15.88 billion in 2023.
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