Decoding the future of blockchain for ASEAN in 2019

Published onJanuary 30, 2019

2019 will mark the tenth anniversary of the first deployment of blockchain technology. It was in 2009 that the still elusive Satoshi Nakamoto released the first version of bitcoin. Since then, the concept of blockchain was inseparably linked with the world of cryptocurrencies. But the burst of the Bitcoin bubble seems to have resulted in a paradigm shift. While the popularity of cryptocurrencies may have taken a nosedive, the same cannot be said about the technology behind it at all. For years proponents have suggested that blockchain has the potential to change virtually all aspects of human digital transactions and interactions…

…one region that is fast becoming a hotbed of blockchain innovation is ASEAN. A decade ago, few would have visualised such a scenario. But as we enter 2019, nations in the region are getting ahead of the curve when it comes to harnessing the full potential of blockchain technology…numerous incubators and accelerators have sprung up in countries like Malaysia, Indonesia, Singapore, and the Philippines in recent years. Unique startups that take blockchain technology beyond cryptocurrencies are springing up across the region…Electrify is the name of the Singapore-based startup that has been making a lot of waves in the energy sector. By using a transparent digital ledger, the system plans to cut down the role of middlemen and reduce the cost of electricity.