Japan’s Blockchain Sandbox Is Paving The Way For The Fintech Future
Blockchain technology is advancing rapidly, but how important will it become in our daily lives? According to a World Economic Forum survey, in 2015 only 0.025% of global GDP was stored on blockchain technology but that ratio is expected to jump to 10% by 2027. As blockchain know-how matures, just about anything will be a tradable asset on a marketplace with a verifiable record of transactions.
Blockchain is a form of distributed ledger technology, which was first proposed in a series of 1990s articles by physicists W. Scott Stornetta and Stuart Haber. Cryptocurrencies like bitcoin are its most common application, and Japan has been at the forefront of blockchain technology and regulations due in part to large-scale hacking incidents at Japan-based exchanges. But after establishing clear laws governing cryptocurrency businesses, Japan is now incubating blockchain innovation through a unique regulatory sandbox system under the Cabinet Secretariat of Japan.
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Source: www.forbes.com
