Japan has played an active role in introducing relevant laws surrounding cryptocurrency in their country (the 3rd largest economy in the world) and it will play a pivotal role in how blockchain technology is legislated throughout Asia. Japan was one of the first countries to define cryptocurrency as official method of payment and regulate crypto exchanges with KYC measures in 2016. Having faced a hacking incident against Japan’s leading crypto exchange Coincheck in 2018, Japan adopted a more strict and conservative policy than was previously adopted.
blockchain games growing in Japan can learn a lot from Singapore’s example as to how to help the industrial base develop and protect a number of consumers in equal measure with appropriate policy initiatives. There is no doubt that this technological innovation will be the most impactful invention since the Internet and it’s being actively used both by developed worlds.
While the words blockchain and cryptocurrency to the layman have become almost synonymous at this point, it is important to remember that blockchain (the underlying technology of cryptocurrencies like Bitcoin) has other uses. As an example, blockchain has recently seen the rise of NFTs which aims to help copyright and ownership verification of digital assets in our increasingly digital world.
The Use of Blockchain for Gaming on the Rise in Japan
The use of NFTs could soon become adopted within the game industry. The game industry has gone through several transitions from physical to digital form, from PC/console to mobile phone. In the past, games were for casual recreation and entertainment but today, a lot of gamers are professional ones and even doing esports.
As such, the gaming industry is constantly developing and I do believe that the network underlying the games will be blockchain. It will be the first time we see blockchain induce a free market for game assets and even witness blockchain technology in matured games. At the same time, blockchain can change the value chain of the game industry so that more developers benefit from it. NEO, a blockchain platform built in Shanghai is looking to provide these features for wider audiences.
Your dinner has an origin story and blockchain technology can help you find it.
A rather surprising function that blockchain could be used for is in logistics. With consumers increasingly wanting transparency on the path that their food and products have taken before they’ve used them – blockchain technology could provide a means for tracking this.
The technology has been used by many companies throughout Asia like acrotech as a replacement for logistics. Today, a blockchain-based traceability solution is in use with 500 farmers operating in Indonesia. This system will enhance efficiency, effectiveness and transparency by making accessible information to all participants from the farmer to the consumer from afar. It has not yet supported direct tips to manufacturers but its benefits include enabling farmer to negotiate more expensive coffee prices as they can now show which kinds of beans they grow and will truly allow customers to know that their products are ethically and sustainably produced.