The Japanese blockchain industry underwent significant growth in the year 2019. In its latest report, the Monex Crypto Bank states that the blockchain industry in Japan grew in the face of severe economic challenges and a global pandemic.
The economy of the Asian country is more or less stagnant since the past few decades. So, when a particular sector goes against the downtrend, it sure looks exciting. Blockchain is bucking Japan’s national deflationary trend and fast emerging as the next big thing in the country.
Monex Crypto Bank report highlights Japanese blockchain growth
The report released by the Monex Crypto Bank states that the Japanese blockchain industry grew by 30 percent in 2019. It is worthwhile to mention that the Japanese blockchain industry has been witnessing constant growth for the past few years due to friendly policies. The country’s regulatory framework is continuously being updated to match global trends.
A rise of 30 percent certainly reflects the country’s commitment to supporting the blockchain industry. Presently, there are approximately 430 blockchain firms operating out of Japan. The number of companies has increased from the previous figure of 329. Furthermore, 64 percent of these firms deal solely with blockchain technologies, and the rest are geared towards secondary facilities.
The report also sheds light on the scale of operations. More than 193 Japanese blockchain companies are classified as big companies. Hence, the blockchain revolution is not limited to small startups. Blockchain solutions are being used in 31 publicly listed Japanese firms. Most blockchain products are geared towards the finance realm, and 19 percent of firms focus on accounting-related blockchain products.
Blockchain solutions now part of every significant sector
Blockchain is now used in every major field and industry. Japan is no different where it has reached every sector, large or small. Even the cryptocurrency sector is relatively well regulated in Japan. The transparency, privacy, and intermediary-less solutions promised by blockchain technology are surely gaining ground across the world.
Healthcare, logistics, and supply chain solutions also make up a considerable part of the Japanese blockchain industry. Japan’s blockchain-friendly policies are contributing big-time towards its growth.