How Blockchain is revolutionizing Southeast Asia
Updated: Jul 13
Blockchain is, at its core, a cutting-edge database. It makes financial transactions safer, more economical, and more effective than conventional methods, altering the roles of banks, governments, and businesses.
According to the latest current Findex data, approximately one-third of individuals (1.7 billion) remain unbanked. However, blockchain technology has the potential to change this. The article we are reviewing explains that the technology works around financial institutions to decentralize banking and provide access to investment, credit, and digital currencies to individuals who are unable to use traditional financial instruments.
Southeast Asia, more than any other region, may stand to benefit the most from blockchain's development potential, being a highly underbanked region, with a stunning 73 percent of its residents remaining on the fringe of the banking system as of 2020. That's why Southeast Asian countries have appropriately supported this emerging technology. Thailand, Malaysia, Singapore, Vietnam, and the Philippines have all invested in blockchain education programs to help it grow.
The article focuses in the Singapore program, which aims to align blockchain technology research with industry needs in order to accelerate the development, commercialization, and acceptance of more broad real-world applications. This is just another case study of how different nations are beginning to use this technology in their infrastructure and operational systems, and if backed by suitable law and policy, we may witness the creation of new fascinating ventures in the not-too-distant future. A very interesting article!