July 31, 2019

Asia on course to be the world’s largest blockchain market

Cardano Foundation attends the World Blockchain Summit in Singapore

Ye Ji Kim

Senior PR, Communications and Marketing Manager

Cardano Foundation

Asia-Pacific is set to become the largest blockchain market in the world, according to Mohammed Saleem, Chief Executive Officer of Trescon. In his opening remarks at the World Blockchain Summit in Singapore, he highlighted the region’s increasing importance in the industry and how it will significantly grow during the 2020s. Blockchain is now considered to be the next generation’s enabling technology, with the number of use cases across many sectors worldwide expected to rise.

The Summit was organized in line with the Singaporean Government’s “Smart Nation” state initiative that represents a large-scale effort of the island city-state. This initiative will combine the efforts of Singaporean citizens, businesses and government to support better living using technology, by having smarter ideas, apps and solutions that support the key pillars of: Digital Economy, Digital Government and Digital Society.

Nathan Kaiser, Chairperson of the Cardano Foundation, delivered a keynote speech at the 13th edition of the World Blockchain Summit global series focusing on blockchain industry in Asia and beyond.

Governments in Asia are optimistic about blockchain technology, according to the Foundation Chairperson. The region’s states are continuing to issue policies supporting the adoption of blockchain across various sectors. In Singapore, the Government is working on connecting the National Trade Platform with other countries through the means of blockchain. The Chinese Government is also gearing towards adopting the technology into a charity donation tracking system, while the Korean Government has launched a regulatory sandbox for the FinTech industry with blockchain.

"Now it is time to think about the politics of blockchain society" - Nathan Kaiser from his keynote speech

“Freedom, Privacy, Decentralization and Democracy” - From Nathan’s memo for the keynote speech

In his keynote address, Nathan explained the etymology of the word ‘politics’ that derives from the ancient Greek ‘politeia’ — ‘community of citizens’. Thus, we are all politicians in the blockchain society, and we are on a long journey of building the ecosystem, according to the Cardano Foundation Chairperson.

Differences across Asian countries can sometimes cause difficulties in building Pan-Asian systems that connect industries and cities. These obstacles mainly arise from a lack of shared trusted method situation. Blockchain can be key to decrease this friction between the region’s states. A blockchain health records system for the medical tourism industry in Asia is one of the possible use-cases for the region, according to Nathan. Supporting Singapore to be the hub of Asia blockchain-based supply chain can also be one of the potential use cases. The outlook for the blockchain industry in Asia is bright as the region tries to adopt the technology and amend its existing regulatory framework.

To share more background story after Nathan’s keynote speech, he met with Trescon team and CoinCodex for an interview off-stage.

Artwork: Pixabay