Asian blockchain projects are increasingly pouring into the market thanks to the increased amount of investments in blockchain-based startups. According to a Global Market Insights’ report, the Asia-Pacific region has achieved a significant amount of growth in the number of blockchain-centered companies, and estimates the market’s worth to hit $16 billion by 2024. According to the report, blockchain startups in the region had acquired about $545 million in over 135 sealed deals throughout 2016. In 2017, that figure grew by 50% bringing the total amount of investments in blockchain startups to over $1 billion after over 185 deals were sealed. This significant increase in funds towards blockchain startups signified the region’s continuous development of new technology with investor focus remaining particularly on the blockchain.

According to data acquired from TechwireAsia, the Asian region is one of the fastest growing areas when it comes to blockchain spending, ranked third after the US and Western Europe. According to the report, blockchain is currently in high demand as a significant number of industries make their moves toward raising capital to fund blockchain-related projects. TechwireAsia estimates that Asia-Pacific will account for about 17.8% of global blockchain spending in 2018. They cite reasons such as government support and positive policy changes towards blockchain for the increase in spending. Blockchain’s use over the years has grown from supporting cryptocurrencies to disrupting sectors such as the financial and banking sectors and finally to government use.

Corporate and Startup Blockchain Projects in Asia

Within the first nine months of 2016, funding in Asian blockchain startups surged to about $10.5 million within the first nine months of the year. This figure was a considerable increase compared to $4.3 billion raised in the whole of 2015. A majority of the investments were focused on two regions, $2 billion in China and $1.7 billion in India. In the same year, key fintech and blockchain initiatives taken include the establishment of government-funded regulatory sandboxes for blockchain startups. These regulatory sandboxes were geared towards helping blockchain startups test and pilot their fintech and blockchain projects with ease.

In 2017, innovation around blockchain continued to soar as the application of the tech shifted towards disrupting financial services. According to a 2017 analysis by Thomas Reuters, out of the 406 blockchain patents made that year, about 225 of them (55.4%) originated from China. Other Asian countries are following the lead and are incentivizing blockchain startups to come up with out of the box creative new ideas. Below we take a look at some of the most successful and most promising blockchain projects within the Asian region. Near the end, we’ll also discuss the alarming failure rate in the industry.

Most Successful Blockchain Projects in Asia

  • QTUM

QTUM is a blockchain project that’s focused on providing smart application and payment structures created for serving commercial applications. QTUM managed to shatter ICO records by raising over $15 million in investor funds. This was an impressive amount given that the project was just starting. Many cryptocurrency enthusiasts fell in love with their lite wallet that’s capable of running on mobile devices without any problems. However, what makes the company a real gem in Asia is the fact that they’re designing their project to not only run on existing blockchain infrastructure but also to integrate with other blockchains.

  • VeChain

VeChain attracts quite some mixed emotions from people. However, no one can deny VeChain’s capability of forming high-level partnerships at an amazing pace. Early high-level partnerships have made the company an extremely successful participant in the Asia blockchain landscape. For instance, PWC (PricewaterhouseCoopers), recently acquired an ownership interest in VeChain to utilize its blockchain network in improving the infrastructure of Fortune 500 Conglomerates.    

  • ICON  

ICON completed one of the most excited ICO token sales in 2017 and managed to maintain a community of active enthusiasts, developers, and investors. Recently, ICON secured a high-value partnership with Japan’s LINE which is a messaging app with over 200 million users. According to the association, the LINE development team intends to develop and deploy applications on the ICON decentralized blockchain network.

Most Promising Blockchain Projects in Asia

  • Electrify Asia

Electrify Asia is Asia’s leading electronic trading platform and marketplace. The Electrify platform is built on smart contracts and is primarily aimed at decentralizing Asian energy industries thereby ensuring transparency, reducing electricity costs, and providing consumers with a flexible marketplace. What makes Electrify Asia promising is the fact that it doesn’t focus on renewable energy only, and it also allows consumers to purchase electricity using fiat via the platform’s digital wallet.

  • TheKey

The Key is a blockchain-based platform designed to make identifying and verifying people easier using national data sets. The system makes personal identification easier, faster, cheaper, and more reliable, free from unnecessary papers, and helps prevent document forgery all simultaneously. This blockchain project has performed an immense amount of work throughout its existence since 2014. So far, it has received about 23 copyright certificates along with 15 confirmed patents. What makes the project promising is the fact that the company has a team of experienced and professional individuals, along with support from influential investors and the Chinese government.     

  • High-Performance Blockchain (HPB)  

The High-Performance Blockchain (HPB), is a blockchain-based platform explicitly created to improve all projects that use blockchain. HPB is unique in that it’s able to handle millions of transactions per second. Moreover, HPB has partnered with UnionPay, a company that processes 80% of China’s data which equals about $12.5 trillion a year. This blockchain project is promising as it can help large corporations such as Amazon or Alibaba, both of which have multi-millions of users, to increase data transfer and access speed.

Failure Rates In The Blockchain Industry

But all is not frolicking through daisies on sunny green hills in the blockchain industry. As mentioned before, there is an alarming failure rate which must be mentioned.  A study by the Chinese government, supposedly of 80,000 blockchain related projects, showed that a staggering 92% have failed within 1.22 years! “Failure” includes projects that have been either abandoned, or are only partially active, or that have conducted an exit-scam. There are, in fact, a number of different things everyone should be aware of before going into blockchain technology. These include: a general lack of regulations, the fact that some blockchains can be slow and cumbersome in some circumstances compared to other technology, and the fact that establishment banks (aka, banks acting as middlemen) would seem to have a vested interest in public blockchains not succeeding, among other factors.

Conclusion

Globally, blockchain as a disruptive innovation is still undefined and mostly at its initial application stages. However, while the world is again coming to terms with the disruptive capabilities of blockchain technology, Asia is on top of its game, and could potentially become the blockchain leader of the world. We encourage you to make the bold move towards becoming an active member of the blockchain community by checking out and registering for our BCMY (Blockchains.my), secure & advanced, multi-asset, digital wallet app.