Blockchain is here and in all possiblity it is here to stay, after being dubbed to the technology that will sustain mankind across all platforms. Blockchain will play a key role in conducting banking transactions, buying and selling items, and even store sensitive information. Organizations will use it to verify users’ identities, monitor ownership of intellectual property, and prevent fraud. Asia, is one continent that has been very proactive with this technology and seeking to gain an upper hand.
Consumers in Asia, are already by far ahead with the tech. One out of every three South Koreans either owns cryptocurrencies or gets paid in it. But why are consumers in Asia early adopters of blockchain and cryptocurrencies? There are a few reasons. Many regions in Asia actually skipped right over credit cards, going directly to digital payment. Additionally, the Asian population is large (over 4 billion) and more willing to place risk on speculative investments. An average consumer in Hong Kong and other areas of Asia-Pacific, are willing to spend $10,000 to $100,000.
Regulations are yet another reason why Asian countries have been progressing. The regulation policies in Asia are more clear cut when compare to the US. Regulators are receptive the technology’s potential, what it can do for a country. Besides regulation, another way that Asian consumers will stay ahead is education. Learning about distributed ledger technology. Realizing its true economic value.
Understanding that crypto requires a long-term investment. Many nations are already trying to figure out an alternative digital reserve currency. One that can dethrone the U.S. dollar and decrease the amount of money laundering that physical money makes possible. China is even looking into creating its own Chinese version of bitcoin to protect their national currency, the Renminbi. Eventually, cash would become obsolete.