Blockchain Startup In Asia
The decentralized nature and versatility of blockchain are what underlines the ongoing surge in the number of blockchain startups belonging to Asia. The region’s startups are undergoing transformative changes in its approach towards technology. Also, the current circumstances are highly favorable.
The concept of blockchain came into prominence way back in 2008 as the technology driving Bitcoin. Over the years, and more than a decade later, blockchain continues to attract more and more startups in the Asian region.
In fact, blockchain technology has advanced to become an integral part of our lives. The recent surge in startup ventures leveraging the technology has been instrumental in accelerating this growth.
Relying on interesting features such as transparency, immutability, and security, which the technology imparts, blockchain technology is widely leveraged by startups and in turn, is being applied into real-life scenarios.
Cryptocurrency and crypto payments are still the most popular words associated with blockchain for many. However, industry observers believe that considering the current level of experiments happening in the blockchain industry, the blockchain applicability is on the verge of a new phase.
Investment continues to flow into the industry. As per a survey by Global Market Insights, by the year 2024, the APAC blockchain market will hit a whopping $16 billion.
The survey also highlights that the vast involvement shown by the Governing bodies in the region has also been a contributing factor towards the surge in blockchain startups. For instance, in countries including Singapore and China, new policies have been introduced, and alterations are made to the existing ones in support of blockchain technology. Overall, there are attempts to understand the blockchain technology across the Asian region and leverage its benefits in new ways. The Chinese government is considering using blockchain technology to track donations on charity.
Hong Kong deserves a special mention with respect to blockchain startups. The region is perceived as the next blockchain hub, and the rate at which the nation is progressing is a clear indicator that Hong Kong will be among the top names in blockchain use. What contributed to the rise of Hong Kong as a prospective blockchain hub is an active interest extended by the government. Further, the number of entrepreneurs and investors investing in blockchain startups has only been increasing.
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