Decoding the future of blockchain for ASEAN in 2019

While 2018 was a mixed year for cryptocurrencies, but blockchain technology shows no signs of slowing down.

January 21th, 2019 – 2019 will mark the tenth anniversary of the first deployment of blockchain technology. It was in 2009 that the still elusive Satoshi Nakamoto released the first version of bitcoin. Since then, the concept of blockchain was inseparably linked with the world of cryptocurrencies.

But the burst of the Bitcoin bubble seems to have resulted in a paradigm shift. While the popularity of cryptocurrencies may have taken a nosedive, the same cannot be said about the technology behind it at all.

For years proponents have suggested that blockchain has the potential to change virtually all aspects of human digital transactions and interactions. Now, thanks to the cooling effect of the bitcoin meltdown of 2018, the deployment of blockchain technology in other fields is taking center stage.

And one region that is fast becoming a hotbed of blockchain innovation is ASEAN. A decade ago, few would have visualised such a scenario. But as we enter 2019, nations in the region are getting ahead of the curve when it comes to harnessing the full potential of blockchain technology.

ASEAN is perfect for blockchain startups

The region as a whole has several unique features that set it apart from the rest of the globe. For starters, it is home to a tenth of the global population and ranks as the fifth largest economic bloc as well.

A couple of contrasting features make this massive market a favoured destination for hi-tech digital startups in recent years. Internet and mobile penetration in the region currently hover around 55-60%. The annual growth rate is almost absurdly high.


Written by Asean Today

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