COVID-19 results in Elevated Blockchain Adoption to Fight Digital Counterfeiting, Improved Information Administration in Japan, Trade Execs Declare

The COVID-19 outbreak had led to many Asian international locations exploring the adoption of blockchain or distributed ledger expertise (DLT) as a way to securely handle knowledge, in response to an replace from the Nikkei Asian Overview.

Tomohiro Maruyama, senior supervisor of PricewaterhouseCoopers (PwC) Consulting, advised Nikkei that he thinks the large-scale, international digital transformation as a result of Coronavirus disaster might have led to blockchain’s use to forestall doubtlessly fraudulent actions. He says that extra corporations ought to use blockchain to securely handle their knowledge. He predicts that extra companies can be utilizing DLT-enabled platforms in a submit COVID world.

As reported, Ethereum (ETH) based mostly Decentralized ID good contracts are being developed by the creators of high-performance blockchain, Ontology. They’ve additionally launched a “trusted,” Decentralized Identifier based mostly P2P communication community.

These options leverage blockchain expertise to implement trendy IT techniques which are seemingly in a position to course of knowledge extra securely and effectively when in comparison with legacy platforms.

Maruyama claims that blockchain or DLT is a perfect or appropriate resolution to scale back or forestall digital counterfeiting, which is why many corporations are utilizing it

Kenta Akutsu, CEO of Japanese agency LasTrust, famous that his firm has launched a blockchain-powered service, referred to as “CloudCerts,” which points digital certificates to confirm or verify the authenticity of educational or college transcripts, and it additionally makes use of DLT to show or present that different paperwork are real.

Along with utilizing blockchain to handle knowledge or confirm sure info, Japan has joined China as each nations work on their respective central financial institution digital currencies.

Tokai Tokyo Monetary Holdings, a Huobi Japan investor, recenlty introduced its plans to launch a safety token change. Safety tokens are much like tradtional securities, nevertheless, they’re based mostly on blockchain expertise.