Japan‘s blockchain technology market has witnessed tremendous growth over the past few years, according to Earlyworks.
Among other factors, that trend was driven by the emergence of several startups dedicated to the development of blockchain technologies and accelerated commercialization of blockchain technologies.
The size of Japan’s blockchain market, as measured by total spending on blockchain technologies, increased exponentially from $40 million in 2017 to $700 million in 2021, representing a Compound Annual Growth Rate (CAGR) of 104.5% over the same period.
Overall, applications of blockchain technologies are expanding to a variety of industries, and many companies are investing more to unlock the value of blockchain technology in their industries.
According to Earlyworks, total spending on blockchain technology in Japan is expected to continue to grow, and is forecast to increase to $8.1 billion by 2026, representing a CAGR of 63.2% from 2021 to 2026.
Blockchain
Today, blockchain can integrate emerging technologies, such as Artificial Intelligence (AI) and the Internet of Things (IoT), to provide actionable information and prevent data breaches.
For example, blockchain solutions can create a decentralized network of IoT devices, which would eliminate the need for a central location to manage communication between devices.
Blockchain-based IoT adds a higher level of security to prevent data breaches and makes IoT more secure and intelligent.
In addition, blockchain’s digital registry provides insight into the framework underlying the AI and the provenance of the data that the AI uses, and improves confidence in the integrity of the data and recommendations provided by the AI. Using blockchain to store and distribute AI models provides an audit trail, and pairing blockchain and AI can improve data security.
Earlyworks is a blockchain-based technology company incorporated in Japan. It creates products, provides services and develops solutions based on its proprietary Grid Ledger System (GLS) to leverage blockchain technology in various business environments, such as ad tracking, online visitor management and non-fungible token sales.
