The underlying technology behind blockchain-based crypto assets is seeing widespread adoption. Public ledgers, real estate, airlines, and cloud storage providers are just some of the industries embracing the blockchain for its safety and openness.
Aviation Sector
Many Southeast Asian nations have begun to begin fully realise the potential of blockchain in the airline business.
All affected parties in an airline’s operations, including flight attendants, office workers, ground operations agents, and travellers, can benefit from having access to accurate, real-time information about flights’ exits, landings, and cancellations, thanks to blockchain technology.
Education
Blockchain has also proved useful in the field of education. Applications built on the blockchain can use smart contracts to expeditiously and openly check a candidate’s or owner’s credentials. Many universities are also considering how the blockchain could benefit their teaching and research goals.
In order to access a student’s unchangeable college transcripts and education history stored on the blockchain, recruiters may inquire about a Blockchain ID at the time of enrollment.
Organizations Of The Public Sector/Government
Governments around the world are implementing Blockchain technology to improve a wide range of administrative processes, including tax collection, charity payment processing, voting, as well as the administration of citizens’ medical records. Sooner rather than later, Asian countries will start to emulate the practices of a select group of successful corporations, perhaps including Georgia and Estonia. According to a recent announcement by the Public Service Division, many governments are considering implementing blockchain technology in order to:
- Search Business networks for information on a company’s past dealings with the government
- Verify the employment history of public officials by following their Linkedin profiles
- Modify or change the auditing procedure.
Buying And Selling
Many Customs department has released a blockchain-based national trade platform (NTP). It is hoped that this platform would be utilized to facilitate communication between private companies, public networks, community infrastructures, and governmental databases.
People are looking forward to the Bitcoin Loophole Login for trading on the blockchain-based payment system, which will be replacing the current TradeNet as well as TradeXchange systems.
The widespread adoption of blockchain-based payment systems has the potential to speed up the resolution of financial transactions, which would be incredibly useful for cross-border transactions.
Real Estate
Relocating to a new home is a time-consuming ordeal because of all the paperwork that must be completed. As an alternative, businesses in the real estate industry is using Blockchain to do away with paper trails in the process of renting out or selling a home.
In many Asian countries, Aerospace is the first blockchain-based property investment portal where people may post listings for homes for selling or renting. Digital agreements protected by the blockchain are used to execute the deals.
The Food Sector
Nearly one in ten individuals become unwell each year as a result of eating tainted food, according to data published by the WHO (World Health Organization).
By adapting Blockchains, the food business may provide more verifiable details about its goods to both its vendors and its customers, such as the provenance of its ingredients and where it was produced.
Information about raw materials and finished foodstuffs will be collected from every link in the food manufacturing process and stored in this central hub.
Energy Sector
Electrify, a company that launched in 2017 as an energy company, promises to shake up the industry. Founders Julius Tab and Martin Lim hoped that implementing Blockchain technology would revolutionize the way consumers paid for electricity. Smart contracts allow customers to buy electricity from distributors via the internet and mobile devices.
Banking And Insurance
Financial transactions on a global scale, domestic ones, and those involving securities trading are all using blockchain technology. Info-communications The Media Development Authority and a number of financial institutions have collaborated on a prototype of a system they are calling “Know Your Customer Blockchain.” Using the blockchain, banks and other financial institutions might more reliably and transparently confirm the identities of their customers.
Conclusion
Asia is rapidly becoming one of the world’s foremost hubs for blockchain development, joining the likes of Canada and Australia in embracing the technology. Experts in the field of technology in Asia feel that the region has the potential to become a global leader in the blockchain industry in the next years as they investigate and test out numerous groundbreaking initiatives.
