Pandemic pushes Asia to blockchain

Fibo Quantum

To secure data against hackers and cyber thieves, several Asian countries have turned to blockchain technology during the coronavirus pandemic.

BitFlyer Holdings uses a blockchain-based app that can host its shareholder meetings and allows shareholders to vote remotely and securely by linking to the My Number system in Japan, according to a report in Nikkei Asian Review. The company used the app to hold a shareholders meeting in June, and plans to launch the application locally this fall.

In Singapore, Agrocorp International has partnered with America’s Cargill, Singapore blockchain startup Dltledgers, and a number of logistics companies to monitor the disrupted agricultural supply chains due to the pandemic. According to the report, the company said blockchain technology shortened the settlement time for its commercial transactions from one month to five days.

In China, the online health care platform Xiang Hu Bao, part of Alibaba Group Holding, introduced a policy that pays up to 100,000 yuan ($US 14,000) in the event of death from the coronavirus. However, the company wanted to avoid fraudulent claims, yet be transparent. Alipay’s blockchain technology, which confirms transparency in addition to processing one billion transactions per day, worked for the health care platform.