The blockchain market in the Asia Pacific region has seen a significant growth in the recent months and the investments made in blockchain-based companies are to be praised. The recent report from Global Market Insight claims this data and also predicts that the market will hit $16 billion in the next few years, likely by 2024.
The notable increase in the fund signals the continuous development of new technologies, with the focus of investors remaining on the blockchain. The technology has seen a wider adoption among many different countries including the larger organizations and banks as well, and not to forget the startups and the leaders like Ripple, IBM, Microsoft, Amazon, Digital Asset Holding, Chain, Abra, R3, SAP, Digiledg, Earthport, Coinbase and many more.
The healthcare market is seeing the highest level of blockchain adoption. In 2017 the estimates tell that the value of this was over $34 million, however, today the revenue expected to be generated by the end of 2024 is closer to $1415.59 million according to reports. With the added security and interoperability of blockchain has surely made the data management much more efficient.
The support from the government plays a big role in the success and the interest in the blockchain technology. Although there are few countries in the region which are having a rough time to adapt and grasp the new technology so they may acquire the most out of it.
Monetary Authority of Singapore partnered with R3 in 2016 to explore the blockchain technology and use it for conducting inter-bank payments. The country is also aiming to link its National Trade Platform to those of other countries which may turn out to be another use case for this technology. Other Asian countries such as China is also planning to use the blockchain system to make a complete overhaul of their charity tracking system.
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