Asia Pacific (APAC) is the fastest-growing market for blockchain technology worldwide. According to Global Markets Insights, the total size of the APAC blockchain market could reach $16bn by 2024, which represents a CAGR of 87% during the forecast period.
Progressive governments are a key growth driver
National governments are a key driver behind the rapid growth. They are not only creating favourable regulations but also actively supporting blockchain initiatives.
The Singapore government, for example, has launched the world’s first blockchain platform for international trade. The platform connects Singapore’s National Trade Platform (NTP) to other ASEAN countries and China’s Digital Silk Road.
Japan’s and South Korea’s central banks are giving out licenses for cryptocurrency exchanges. Both countries have already become leading trading hubs for digital currencies. Even China’s government, which has banned the use of cryptocurrencies, is supporting the use of blockchain technology in the public and private sectors.
Financial industry applications and supply chain solutions dominate the market
Due to its geographical location, the APAC region plays a crucial role in global supply chains. Therefore, it’s no surprise that besides financial industry applications, especially blockchain-based supply chain management solutions experience high growth rates.
Blockchain technology can improve supply chain provenance, reduce bureaucracy and enhance transparency. Blockchain-based applications can also verify certificates in real-time and link bar codes to digital codes.
APAC’s blockchain market is moving fast and has attracted international investments from multinational corporations such as IBM or Microsoft. However, it’s not only the big players that matter. Startups and small and medium-sized enterprises are at the forefront of blockchain development, coming up with innovative ideas to improve international business.
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