Acceptance of Blockchain technology by Southeast Asian governments

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Acceptance of Blockchain technology by Southeast Asian governments
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Blockchain technology has influenced the economic arena dramatically and is now continually spreading its impact on Southeast Asian countries. Even if some of the Southeast Asia’s Blockchain experts have been dominated by the Europeans and Americans, there are indications that policy makers, IT pioneers and industry leaders are catching up with the new trend. There is a constant research about how to make the most out of this decentralized ledger-based systems.

Thailand’s enthusiasm

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Very few countries in Southeast Asia region have showed as much enthusiasm relating to Blockchain technology as Thailand. The Thais are purely excited about decentralized cryptocurrencies.

Thailand Post, country’s very own postal service, announced this summer that it would be leveraging this technology to track high-value parcel deliveries for luxury and expensive items. The reason for this usage is the security offered by this technology. Allowing only authorized people to open the parcels makes it safer.

There is also an inclination of government to Blockchain technology. They are assisting its implementation to a range of industries through statutory means. Thailand’s Electronic Transactions Development Agency have said that it is looking for different ways to allow the use of Blockchain-powered smart contracts.

Blockchain has also influenced the Thai financial sector. Kasikornbank, which is one of the country’s biggest commercial bank has recently launched ‘paperless’ Letter of Guarantee network in conjunction with IBM Blockchain. The bank said that it has expected to enhance this electronic version.

The Siam Commercial bank which is rival of the former has declared to be the first bank in Asia to introduce a ripple-powered Blockchain technology based solution. The bank will allow their customers to make real-time payments between Thailand and Japan.

Philippines

The energy sector in Philippines has taken the Blockchain initiative. They are of the view that a huge portion of country has limited or no access to electricity and Blockchain can be an effective solution to this issue.

Most power-generation sites are located at same distance from load centers. This makes it risky and costly to operate since the long-distance transmission lines often damaged. Energo Labs have claimed to decentralize the generation and let customers share electricity more effectively.

Further developments

Blockchain and digital currency developments are coming in fast in other regions. The Malaysian central bank refused to recognize validity of digital currencies in 2014. More recently the governor has promised to announce regulations on cryptocurreny to fight money laundering.

However, many countries have continually remained positive about Blockchain. Vietnam has entered into talks with leading banks to make its financial institutions stringent proponents of Blockchain technology.

Cambodia is beginning to adopt Blockchain technology for an array of financial services with a possibility of entailing local currency as well. The enthusiasm rising in Cambodia is understandable due to the realization among banks that they need to cope up with this technology due to different reasons.

Conclusion

Blockchain is still in its early development stage in Southeast Asia but it is truly being sensed that the technology is going to bring a revolution in this area.

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