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 How Blockchain Technology Is Changing Southeast Asia’s Tech Scene

How Blockchain Technology Is Changing Southeast Asia’s Tech Scene

Blockchain technology is changing every area of the planet and our societies. Saying those words, however, still won’t quite tell the average investor much about blockchain.

It’s not even visible to the naked eye. Though the globe is familiar with many currencies like bitcoin, very few of its users understand that blockchain is about security. It’s not solely about money.

The innovations that wireless, digital and computational security give us will take mankind to the next level. Here’s a better look at the levels being reached in Southern Asia’s blockchain development.

From Laos to Singapore

In the rising trend of blockchain adoption are a handful of Southeast Asian nations that aggressively embrace blockchain.

From Laos to Singapore, Asia’s tech industry is staking large investments into digital money. Southeast Asia is ambitious enough to take a global lead in blockchain use.

The country of Laos wants to use hydroelectric power to mine crypto. The Bank of Thailand (BoT) wants a digital currency, and this includes Malaysia, Cambodia and Vietnam.

Making the Fantasy Realer

One of the largest trends in Asia’s blockchain development is the growing idea of a metaverse. The marketable objective of “realness” fuels the development of this fantasy world.

In our personal lives, for example, we have possessions, and we grow. The knowledge and things we obtain can be given to others, loaned or even sold. The nuances of having possessions exist in the metaverse. Asia is now a part of the endless work in making that virtual world a real one.

The Development of Play-to-Earn Games

There are two sides to how metaverse content will redefine Southeast Asia’s tech industry. One is with the development of NFTs and then through the trading of such digital assets.

Play-to-earn games are an ideal example of what’s in store. The digital objects that players earn in these games, at times, hold value in the same manner as bitcoin. The key difference is the life experience. Users have to earn these tokens and then deal with the public’s desire for them.

Trading Digital Commodities

The second phase of metaverse will allow users to trade the assets they collect. Those assets are being called digital commodities. We already know that NFTs were a $24.9 billion market in 2021.

These commodities are part of the game economies where players interact with a digital world. Making such commodities can only be done through the science of blockchain. Buyers in this market only have investment if the security of blockchain honors their digital assets.

Licensed Crypto Exchanges

Crypto exchanges are holding the largest influence over Asia’s adoption of cryptocurrencies.

Accessibility and hosting are the reasons why. The stronger these platforms become, the more that crypto gets into the hands of common people. Making the world of e-currencies accessible calls for Asian agencies to rise up and develop.

The brokerage arm of DBS Bank, an Asian firm, is creating their own exchange. Asia’s Siam Commercial Bank is headed in the same direction.

Richard Ellis

Richard Ellis

Richard Ellis is a Eurogamer reporter who is interested in streaming, people and communities, and providing marginalized individuals a voice.
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