Far away from western eyes, Asian blockchain projects are thriving. A vibrant ecosystem of public and permissioned chains has sprung to life in Asia, aided by government and big business endorsement of distributed ledger technology (DLT). Many of these chains are virtually unknown outside of the region, yet enjoy high profile partnerships and endorsements in their native territory.
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Asian Nations Are Big on Blockchain
It’s not just China that’s issued a green light to blockchain, if not bitcoin: all across South-East Asia, officials have issued similar blessings, and crypto projects have eagerly stepped up to the plate. Last week it was Thailand’s turn to roll out the red carpet to blockchain, where Sharering’s digital identity system and blockchain infrastructure are to be used in the country’s new e-visa system. The system will be deployed for visitors from India and China initially, and should dramatically speed up airport immigration for millions of travelers a year.
Blockchain initiatives of this nature are now a common occurrence in Thailand and Asia at large: in November, the country’s Excise Department announced a blockchain-based tax payback system, and in September, the Thai energy company PTT unveiled a blockchain-based renewables platform with the Energy Web Foundation. To outsiders, the pan-Asian wave of blockchain projects can seem mystifying, given that the benefits of blockchain minus bitcoin remain debatable. Nevertheless, businesses and governments are undaunted in their determination to deploy DLT to solve a myriad of problems. News.Bitcoin.com spoke to a number of experts in a bid to ascertain why Asia is big on blockchain.
Unpacking the East’s Blockchain Obsession
“Asia loves blockchain because the
