In a recent published report, Kenneth Research has updated the Market report for Japan Blockchain Technology Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Japan Blockchain Technology Market Products.
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Blockchain technology is used to record Bitcoin transactions via a global network of computers. It is a continuously growing list of blocks (records) that are linked and secured using cryptography. Each new block created is connected to the previous block via a “cryptographic Hash”. 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 Mn by mid-2018.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
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.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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After Cryptocurrencies gained recognition in Japan, the Japanese government disclosed various methods to evaluated Blockchain technology that would transform various industries.
Key growth factors:
o Japan has adopted the Blockchain technology for financial transactions and decided to use it to verify government tenders
o 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
o 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
Threats and key players:
o 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
What’s covered in the report?
o Overview of the Japan Blockchain Technology Market
o The current and forecasted market size data for the Japan Blockchain Technology Market
o The current and forecasted market size data for the segments of the market, by industries– BFS (Banking and Financial services), Insurance, Supply Chain, Healthcare, others
o Market trends in the Japan Blockchain Technology Market
o Market drivers and challenges in Japan Blockchain Technology Market
o Analysis of company profiles of major players operating in the market
Why buy?
o Get a broad understanding of the Japan Blockchain Technology Market and its segments- By industries
o Get region-specific drivers and challenges affecting the Japan Blockchain Technology Market?
o Recognize significant competitors’ business and market dynamics, and respond accordingly
Customizations Available
With the given market data, Kenneth Research offers customizations according to specific needs. Write to us at [email protected].
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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