The life of blockchain technology beyond cryptocurrencies seemed impalpable only a few years back. However, blockchain evolved into an innovative dynamic solution to many underserved financial service areas, especially in the Asia-Pacific region. Countries in the area have already surpassed other regions in mobile banking application and alternative innovative fintech solutions, as well as in decentralized business models that provided fresh solutions to secure trust, support connectedness, and end corruption in a massively populated region.
Above and Beyond Blockchain Fintech
Most of the Asia-Pacific region is becoming known for great interconnectivity, massive digitalization, and a consistent regulatory environment. Having in mind the potent regional landscape, it is no wonder blockchain in Asia flourished more than anywhere else. Despite specific country differences, Asia is a huge market with an incomparable capital market growth rate, which certainly makes it ready for fintech. The overall outcome is that Asia is more welcoming to other uses of blockchain in the public domain, as well than most of Europe or the US.
Blockchain as a Strategic Priority
Deloitte reports that China aims to adopt blockchain technology as a governmental strategic priority for solving traceability and copyright issues, while Singapore is inclined to both cryptocurrency and other blockchain applications, assisting blockchain startups with tax incentivization. For instance, SunMoon, a Singapore food company is using blockchain to trace Fuji apples and will soon expand to managing the supply chain for other fruits as well. Each apple and each carton has a QR sticker that helps consumers test the product quality via a blockchain app on their smartphones.
Strengthening Trust in the Indian Public Records System
Many implementational, organizational, and trust obstacles typical for other markets have been removed in Asia. Such a trend helped local startups focus on solutions to long-standing decentralization problems, including supply chain management, land ownership, education, and health records. ConsenSys, a blockchain development company from India has implemented decentralized Ethereum solutions in all these areas.
Tribal land ownership recorded on the blockchain helps local tribes in the states of Assam and Sikkim keep their rights to the land promised with the 1947 independence. In Chandigarh city, ConsenSys implemented tamper-proof land titling on the blockchain to simplify financial transactions and eliminate bribery. In a similar way, shipments delivered to the ports of Mumbai and Visakhapatnam are tracked via immutable blockchain records.
ConsenSys is also famous for its recent release of a blockchain job kit and academy launch that help Android and iOS app developers acquire acumen in a software development area with a notable lack of skills. The kit facilitates Ethereum and backend protocol development, helping blockchain developers master cross-application of languages and invest in a fertile career with salaries that goes well above and beyond current median ranges for both Android and iOS app developers.
Blockchain Agtech, Cabs, and Hotel Bookings
Thanks to blockchain, the ASEAN region marks a number of other developing sectors. Hara, an agtech startup, helps farmers get access to crops and land ownership data, solidifying the otherwise granular agricultural economy in Indonesia. Farmers can earn tokens in exchange for data input, which they can later use to buy crop fertilizers. Additionally, this method helps farmers gain some sort of systemic inclusion solution to facilitate loans.
The Malaysian DACSEE implemented a car-share blockchain platform to connect drivers, passengers, and local authorities into a single shared economy system available as an app both in Google Play and in the App Store. DACSEE is backed up by the identically named Ethereum cryptocurrency that can be used for ride payment. The startup also allows conventional money payments and provides a cheap, 1-2% commission digital wallet for drivers, as well as metrics that can help drivers rank in a “Circle of Friends”.
The hospitality industry has its own share of problems. Tripio offers a blockchain solution to conquer hidden fees, last-minute reservation changes, and fake reviews for travel bookings The solution is built on the Ethereum platform, enabling smart contract transactions that accrue to a public credit record for each user and apply good user behaviour as a credibility measure.
Due to its highly disruptive nature, blockchain is even more volatile than the average emerging tech. However, ASEAN countries are finding a middle ground to an innovative solution that has the potential to transform conventional business transactions in unprecedented ways. The market is brimming with stimuli for Android and iOS app developers, and not only in Asia. Even the somewhat passive, disinterested Apple recently took a tiny dip testing the cryptography waters with a new kit that can help iOS developers improve security in Apple payment apps. Be it a partial feature improvement or a complete government solution to recordkeeping, blockchain definitely is on an upward curve.