57% of Surveyed Japanese Companies Set to Adopt Blockchain Technology

57% of Surveyed Japanese Companies Set to Adopt Blockchain Technology 101 Source: Adobe/Blue World Studio.

A study of Japanese organisations has found that 57% of companies are thinking about blockchain adoption– however the majority of fear that Japan is lagging behind other countries in the race to get blockchain-powered services up and running in the business world.

These were the findings of a report from Tokyo-based blockchain business consultancy CryptoPie The business says it surveyed 125 Japanese companies in between March 8 and April 30 this year.

The report’s authors specified that bigger business, medium-sized endeavors and smaller sized business– working in a range of business sectors– all took part in the study.

Adoption rates appear to be fairly motivating: 24% of companies stated that they had already presented blockchain-powered services, or were working on evidence-of- principle or pilot jobs including blockchain technology.

Nevertheless, practically 44% revealed some level of unpredictability about whether they would actually be able to carry out blockchain services in the future.

A 3rd of companies specified that they might not see the advantages of executing blockchain-powered services– with just 11% mentioning that they might imagine blockchain technology having a direct effect on their financial performance.

The participants also recognized obstacles that they felt may hold back blockchain-related progress, with one 3rd declaring that success was a challenge, with 19% mentioning that “insufficient inter-departmental understanding of blockchain technology” was most likely to prevent adoption.

Over half declared that blockchain awareness was lower in Japan than in other countries, with just 14% thinking Japan is ahead of the chasing pack. That stated, a tremendous 96% of participants stated that they hear the word “blockchain” more nowadays than they did 3 years earlier.

Per figures assembled by Japan’s NGB late last year, and reported by Nikkei, Chinese companies lodged 7,600 patent applications in the duration 2009 through 2018– with Japan-based companies submitting just 380 in the very same period.

The Japanese government– not utilized to losing tech races against China– has actually tried to redress the scenario. Previously this year the regulatory Financial Provider Company released an effort designed to foster “sustainable development” in the nation’s blockchain sector.

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