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Published 1 month ago • 3 minute read

The Rise of Japan's Blockchain Industry

Japan has always been a nation associated with impressive technological advancement. After all, it is the homeland of household names like Nintendo, Sony, Hitachi and Softbank. And although Japan cannot take credit for the conception of blockchain, they can take credit for recognising its potential, enabling it within the country and making it more useful.

Blockchain has been growing in Japan. More of the nation’s businesses shave recognised what it provides and how it can be utilised to serve them. The applications of blockchain are growing in Japan at a rate that could easily be the fastest in the world.

This has been evidenced in a report from the Monex Crypto Bank. The data suggests that Japan’s blockchain usage and adoption has increased by 30% this year. This figure was identified by analysing the number of companies and cryptocurrencies being operated from a blockchain.

The Japanese Gaming Scene and Blockchain

One of the reasons that blockchain appreciation and usage has increased in Japan is because of the online gaming industry. Japan already has a strong foundation for gaming with many excellent developers based in Japan, and a gaming culture to boot.

Blockchain has been utilised in the online gaming sphere for lots of benefits. Alongside security improvements, one of the best advantages of using blockchains in gaming is that it can reduce in-game (or sometimes in-app purchases). These are microtransaction to buy additional gaming content, such as a new character or weapon, but they come at a cost because of third-party fees. Blockchain and crypto kick that problem to the kerb together.

But it is not just online gaming either. The online gambling community can also benefit from blockchain with new exciting games like Bitcoin dice. However, some of the best live casino providers are waiting for concepts to be perfected before releasing them on the market.

The benefit of crypto in live gaming of any kind has already been noted but not fully explored yet.

Networks based on blockchain such as Enjin are attracting more attention with each passing day. Other companies like Atari are investing. The bottom line? Gaming appears to be fertile ground for the development of blockchain products in Japan.

Changing Japanese Approaches to Blockchain

The thing that initiated a blockchain movement in Japan has been its attitude from the outset. Whereas other nations have been sleeping with one eye open on anything to do with crypto and blockchain, Japanese officials have been regulating it and opening the door, even with caution.

The aforementioned report suggests that not all companies tapping into blockchain are concerned with crypto. However, as many as 64% of them are.

Interestingly, it is not just the finance and tech sectors that are choosing to utilise blockchains in Japan. The entertainment industry – which will account for online gaming – is also included. But more noticeably, over 3% of blockchain use is currently in the Japanese service industry, suggesting blockchain has a place in areas and enterprises we might not be considering right now.

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