Most Asian Countries are forced to adopt blockchain, as the pandemic had pressured the companies to transact online. This invited hackers and similar digital thieves into the online systems, pushing Asian countries for adopting blockchain for securing data. The Business Research Company, the blockchain market worldwide is expected to rise over $15 billion in 2023.
Even though in 2020 it retreated 7.27% to $2.3 billion in 2020, it has an annual growth of over 91%. Many Asian companies have admitted that it is imperative to adopt blockchain, especially after the COVID-19 pandemic. Many say that it will not only help in keeping track of data as well as it will keep the data safe.
There are many reasons why Asians are investing in blockchain. But before we get into that, let us discuss briefly blockchains and what they do.
What is Blockchain?
Blockchain was first introduced when bitcoin was launched in the market. Back in 2009, bitcoin made its big debut in the financial market. This is the time when the blockchain technology was first introduced to us, as a public ledger. This technology is the public ledger for bitcoin users, for keeping a track on the use of bitcoins. The blockchain is developed by incorporating cryptography, that keeps the blockchain hosted on the cloud.
The blockchain is made up of several blocks, these blocks are generated when anyone tries to make a transaction, and it gets approved. Any block that has once been created, the details within that block cannot be changed. Each block within the blockchain is safe and cannot be breached from outside.
Besides these benefits, blockchain can keep track of each recipient, and on revisiting, you will be able to see the details you left it with. For these benefits, mainly Asian countries are thinking about investing in blockchain technology.
Here are the prime reasons why the Asian countries started adopting blockchain.
4 Reasons Why Asian Countries are adopting blockchain
- Internet piracy become a significant threat to digitizing companies
As the COVID-19 pandemic broke out throughout the world, the companies started digitizing their processes. Sooner to this, many hackers and digital pirates came to claim the assets. Hence, it became difficult to control all the process in a short time. Therefore, when blockchain emerged like a savior, for dealing with digital counterfeits, the Asian companies almost got pushed into it for safety.
- For avoiding the documents getting tampered
The Asians are very particular about their businesses, and they would not want their documents to be faked. While JPG and PDF documents can easily be faked, blockchain promises records, i.e., tamper-proof. Since these are crucial data, and when leaked to a competitor, the business can incur losses; hence, it is better to secure it with reliable technology.
- Securing Organization related vote
It became necessary to secure the votes needed in a company. But, due to the businesses going online, even that could be tampered with. However, if a block is used, the data can never tamper, as we discussed earlier. Many companies have blockchain apps for spoof prevention. The organization will be able to use the voting feature for votes, and the number of positive and negative votes cannot be altered.
- Spot where the problem generated
Due to COVID-19, it became essential for the business owner of restaurants and supply chains to maintain a ledger that will offer them fast identification. As the blockchain is a ledger, it provides its users to track elements on the blockchain quickly. As different blocks are created for different supply personnel, searching through the block titles will help the companies identify where the faulty good came from. This makes it easy for companies to maintain hygiene throughout their establishment.
Even if you are interested in the blockchain technology, I would advise you to purchase bitcoins first. The btc profit website will offer you the best features for trading bitcoins, while you can understand how the blockchain technology works. When you know the blockchain technology, ultimately even you will be able to integrate it into your business. Just make sure that you are not hasty in taking any of these decisions.