Blockchain milestones in APAC
Philippines, Indonesia, Myanmar, Thailand, Vietnam, Malaysia — these are just some of the many countries in APAC that have been slowly adopting the blockchain technology and incorporating it into everyday systems.
Since its creation in 2009, blockchain has reached wondrous heights that people would not have even imagined possible a few years back. The possibilities of the blockchain technology brings are endless and has been lingering slowly around the world, including countries in the Asia Pacific region.
But first, what is blockchain?
If you’re new to blockchain or would like to learn more about the technology, please check out our article here.
Although blockchain was originally created to fuel the cryptocurrency Bitcoin, the tech community has found several uses for this powerful technology. In fact, this technology is so revolutionary as it facilitates a trustless ecosystem, eliminating the need for intermediaries. Consequently, it has begun disrupting several big industries such as banking, logistics, healthcare, etc. and opened a whole new avenue of opportunities for governments and corporations to innovate in their current systems, and for startups in the fintech industry to champion new products.
Blockchain and its applications
Fintech startups have been taking center stage in blockchain forums, parading products that tap cryptoexchange, remittances, salary payments, and so much more. It’s exciting to see that despite the infancy of the blockchain adoption in emerging markets, the blockchain industry is seemingly getting more popular, localized and patronized.
XONIO aims to facilitate the mass adoption of blockchain technology through a platform where users can convert something they are very accustomed to — telco prepaid airtime — into a digital currency to access digital goods and convert to cryptocurrency. With the XONIO Platform, emerging market users gain access to unique financial inclusion solutions and the full benefits of blockchain technology. Check out this article where we go into detail on why a bulk of the population of emerging markets like the Philippines are unbanked.
Blockchain has also challenged APAC governments keep up with the technological revolution. Country leaders have been dabbing their hands into incorporating blockchain into people-centric products and platforms. The Indonesian government, for example, who initially was cautious towards blockchain and cryptocurrencies and even banned ICOs on December 2017, recently announced that they will be incorporating blockchain technology in a product of the Bank of Indonesia.
Slowly but surely blockchain technology is making its way to the mainstream in the Asia Pacific region.
February 2016 — the president of the People’s Bank of China expressed his interest in adopting central bank-issued digital currency.
May 2016 — the Japanese government passed a bill acknowledging cryptocurrency as money.
March 2017 — Singapore’s central bank ready to use the blockchain for inter-bank payments.
March 2017 — Alibaba uses blockchain to fight China’s fake food.
May 2017 — Singapore power lowers costs of utility bills through blockchain.
May 2018 — Blockchain Association of the Philippines was established.
March 2018 — It was announced that nine Malaysian commercial banks would be partnering up to adopt and develop blockchain applications that would greatly improve trade finance, as well as advance financial services.
July 2018–10 platforms were licensed as cryptocurrency exchange in the Philippines.
July 2018 — Cayagan Economic Zone Authority (CEZA) in the Philippines announced its intentions to introduce a cryptocurrency of its own.
August 2018 — ICOs are on their way to becoming legal in the Philippines.
Blockchain technology may still be at its infancy, however, its revolutionary effects are slowly coming into play and will surely demand change in how we know systems today.