There are many advantages associated with blockchain technology. Most see technology as a means of achieving efficient supply chain management and self-sufficient data centers. Interestingly, Asian countries are leading the transition to widespread adoption of these technologies.
Singapore seems to be at the forefront of the adoption of cryptocurrency and blockchain. The government of the country seems to be particularly receptive to the cryptocurrencies, the first offers of coins and blockchain technology. Many companies from China. Hong Kong and South Korea have relocated their operations to Singapore because of their countries' negative sentiment towards technology. Banks have been rather lenient towards technology, making it easier for start-ups to receive funding.
Thailand is also a promising country, especially thanks to the blockchain regulations in force. In addition, one of the country's largest asset management banks, Kasikorbank, has announced that it will use accounting-based applications to process international payments, supply chain financing and document authorization. The bank also intends to launch a state-supported token for securities settlement.
Veerthai Santiprabhob of the Bank of Thailand also commented on the blockchain technology, stating that the technology
"It can help to safeguard financial information and reduce the number and size of fraudulent activities".
Malaysia is also supportive blockchain and cryptocurrency technology. The country presents the NEM Foundation, a huge blockchain center that works to educate people about the advantages and disadvantages of decentralized technology and applications.
In addition, the country's central bank, Bank Negra of Malaysia, is interested in bringing blockchain technology to traditional banks for greater speed of payment and accountability. Regarding the cryptocurrency, there are nine cryptocurrency regulators that are registered with the regulatory authorities of the country.
Indonesia also participates in the action. Many start-ups and crypto-specific companies have established themselves in the country. One of the most popular and important blockchain applications is Online Pajak, which focuses on improving transparency and reducing the burden on filing fees.
Vietnam is witnessing a strong affirmation of a startup ecosystem with different entities that focus on the development of blockchain and fintech technologies. The government of the country has also prepared a fintech sandbox that promotes the use of blockchain. There are also local companies, such as Viettel, a mobile network provider, and Napas, an intermediate payment service provider, who are working on their blockchain technologies.
Other countries, such as Brunei, Cambodia, Myanmar and Cambodia, have also taken steps to promote the proliferation of blockchain-related activities within their borders.