The APAC region currently ranks third in Blockchain spending in 2018 after the US and Western Europe. The region has a promising growth rate of over 5.5 percent as compared to 5.8 percent in 2017, a 0.4 percent higher than in 2016. Blockchain spending is predicted to grow extremely quickly over the next few years from (2018-2022)
The top use cases for Blockchain spend in the APAC region include cross-border payments and settlements, remittance management, trade finance, post-trade/transaction settlements, and regulatory compliance. APAC region is keen to adopt Blockchain technology to improve existing payment methods and record-keeping to ensure regulatory compliances.
Blockchain technology has also been predominantly used in variety of applications including smart contracts, digitization of physical assets, asset trading, identity management, and ownership management. It has also seen having a strong acceptance across the supply chain from food provenance to logistics, process manufacturing, retail, and discrete manufacturing. Blockchain in services business for e.g. that of the Railways and Postal Services combining with Internet of Things (IoT) technology is also being implemented. Decentralize electricity storage and distribution is another area of focus in rural electrification. It is being widely used for its ability to provide greater transparency, faster transactions, reduce operational costs, and streamline business operations.
The Investor Community has a very positive outlook towards the Blockchain. ICOs, despite recent bad press, have become a popular way to raise money. The regional influx of investor money will only quicken the spread of apps and software that uses Blockchain. The increased involvement of venture capital and the appearance of numerous startups add to the region’s positive Blockchain outlook.