Blockchain
is a distributed technology also known as protocol, which exchanges the value.
It stores and distributes data or block across a whole computer set-up. All
these blocks are connected to each other via cryptographic hash. The main aim
is to provide an exact path of transactions to make certain easy verification.
It is also very useful for aiding the payments. It is cheaper and more secure
than other forms of payments. It uses digital modes for payment in definite
places such as vending machines, restaurants, and grocery
stores.
Some
of the key elements of blockchain are nodes, ledge or block and miners etc. It
provides many features associated with smart money through the smart contracts.
Some of the essential features are bundling services, verifying authenticity of
documents or data, unbundling services, new legal frameworks, time stamping,
sharing a distributed ledger, implementing digital signatures, new flows of
value, reconciling accounts, rethinking intermediaries, decentralized
governance, sharing a distributed ledger and creating or issuing digital assets
etc.
According
to study, “Japan
Blockchain Technology Market (2018-2023)” some of the major companies
that are currently working in the Japan blockchain technology market are Coinhive,
Coinbase, JSECoin, BitPay, Tidbit.
Based
on applications block chain technology includes financial and non-financial
sectors such as banking, healthcare & life science, media & telecom,
retail & e-commerce, government & public sector, automotive vehicles
& transportation, financial services and consumer products etc.
The
key industries associated industries of Japan use blockchain technologies are insurance,
healthcare, supply chain management and Banking Financial Service (BFS). BFS
embraced the largest market share. Moreover some ofthe largest banks of Japan,
which use blockchain technology for viewing customer details upon agreement,
include Mizuho, Tokyo-Mitsubishi UFJ (MUFJ) and the Smitomo Mitsui Banking Corp.
The
Japan Blockchain Association (JBA) is a association and consortia that has
divisions dealing associated with blockchain technology and virtual currency.
This association concerns tax, consumer and financial regulatory issues. JBA
includes bit-coin exchanges such as bitFlyer, Kraken and Coincheck etc. In
addition, the Japan Exchange Group (JPX) Plans for Blockchain Consortiumare a
blockchain industry development responsible for supporting the development of
blockchain based trade finance platform.
Some
of the key advantages are disinter mediation, transparency & immutability,
process integrity, high quality data, ecosystem simplification, empowered
users, faster transactions, lower transaction costs and durability &
reliability etc. Some of the hurdles are nascent technology, large energy
consumption, redundancy, uncertain regulatory status, cultural adoption,
integration concerns and control & security.
The
blockchain technology market is primarily driven by increasing adoption rate
across financial institutes. Increasing urbanization, young work-force, funds
availability by the companies, increasing technological advancements, rising demands
for efficient transaction, mounting investments in the financial sector followed
by supportive regulations. Apart from advantages acts as the major restraint is
lack of awareness associated with the benefits of the technology.
The
Japan government is making the nation a blockchain hub. In recent days, Tsukuba
(city of scientific research, Japan) has launched an online voting system by
blockchain technology. The voting system enables people to vote for social
evolution programs. In addition, Strategic Business Innovator Group (SBI) is
generating an endeavor capital fund to invest in this technology. In upcoming
years, it is estimated that blockchain technology market to grow increasingly
due to rising adoption of technology, huge population of the young people, rising
prerequisites among the end users and growing applications.
To know more,
click on the link below:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta,
Head Marketing & Communications
+91-901537824
