According to a new report by one of the country’s largest digital currency companies revealed that the blockchain sector has grown by over 30% since 2019. For years, Japan has been witnessing growth in the blockchain industry. It is one of the few countries to formulate and implement a regulatory framework for the industry. Its blockchain-friendly approach has led to the rapid growth of the industry. According to the report by the Monex Crypto Bank, Japan’s blockchain industry has grown by over 30% in the past year.
There are 430 blockchain companies in Japan.
The Monex Crypto Bank’s report further revealed that as of May this year, there were 430 blockchain companies in the country, a 30.7% rise from the 329 companies reported in July last year. However, 64% of these companies focus primarily on blockchain technology and the rest being involved in a secondary capacity. The report further revealed that blockchain technology is not limited to startups, as 193 companies out of these were labeled as large corporations. Of these, over half focus primarily on blockchain technology.
There are 31 publicly-listed companies in Japan are using blockchain technology. On the available blockchain products, the report noted that finance had the highest share, accounting for 19% of the 422 active products.
Blockchain technology is being used in many fields around the world.
The blockchain technology that is used to pin most cryptocurrencies is currently being used in many fields around the world successfully. The digital distributed ledger eliminates the use of paperwork and intermediaries in many cases. The technology has been deployed in fields like logistics, healthcare, and many other sectors around the world. Regulators around the world have appreciated the technology and its potential use in today’s world as it makes businesses more transparent. Earlier, the US Senate had proposed to use the blockchain technology for remote voting and other tasks amid the shutdowns due to the ongoing COVID 19 pandemic.