Japan is trying to become the world's Blockchain hub. Japan' SBI (Strategic Business Innovator Group) is creating a venture capital fund to invest in Blockchain technology. The fund is expected to reach USD 450 million by mid-2018.
By industries, the Japan Blockchain market is divided into BFS (Banking Financial Service), Insurance, Supply Chain management, and healthcare. Banking and Financial Services holds the largest market share. Japan has developed digital customer IDs for the banking sector based on Blockchain technology.
The three largest banks in Japan are the Bank of Tokyo-Mitsubishi UFJ (MUFJ), Mizuho and the Smitomo Mitsui Banking Corp, and they use Blockchain technology to view each other's customer details upon approval. Ripple collaborated with 61 Japanese Banks and developed Blockchain Payment.
Japan is also trying to apply Blockchain technology across various other domains. A major Japanese electricity company is collaborating with a start-up to test a peer to peer energy trading system.
After Cryptocurrencies gained recognition in Japan, the Japanese government disclosed various methods to evaluated Blockchain technology that would transform various industries.
Key Growth Factors
- Japan has adopted the Blockchain technology for financial transactions and decided to use it to verify government tenders.
- Japanese brokerage companies are planning to launch a consortium to drive the adoption of Blockchain technology in the industry. The goal is to boost efficiency and provide better customer service.
- Blockchain technology will be widely used in the P2P energy market in order to ensure customers can trade electricity among themselves and automatically receive payment, hence allowing them to reap profits from their excess power.
- Japan has made very progressive use of Blockchain technology across various domains. However, the country needs to pay more attention to security,and policy making to make maximum utilization of the technology.
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Introduction
Chapter 3: Japan Blockchain Technology Market Overview
Chapter 4: Japan Blockchain Technology Market by Industries
Chapter 5: Company Profiles
Chapter 6: Start-up Company Overview
Chapter 7: Conclusion
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