Are Blockchain Projects in Northeast Asia can change the economy?

[daarul50]

In general, blockchain technology is felt to have a very positive impact, but we have not found the development of this technology directly proportional to the growth of the local economy. This happened because of a lack of knowledge of citizens about the use of this technology so that now more developers are holding various discussions about new technologies about this economy before they can all apply this blockchain technology.

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[barbara44]

blockchain has the ability to eliminate barriers that has made some factors that should affect economy daunted. First thing I know blockchain technology does is to cut cost, it is cheaper to run system using blockchain than the normal traditional method

I don't buy it mate, give me an example of how blockchain technology enables businesses to cut costs? A simple SQL database would cost a lot cheaper than blockchain.

Will a simple sql database operate what blockchain is able to operate, would a simple sql database eliminate third party involvement in transactions? Dig deeper into what the characteristics of blockchain technology is, you would realize that it has 100 percent more functions more than an sql database.  Blockchain might be expensive at the development stage, but what of in the long run, the fee we pay for blockchain transaction can still not be compared to what we pay in the traditional banks.

Moreover, If I am to run a project worth 1.5 million dollars, and because of the involvement of thirds party, it increased it to 2 million dollars, has blockchain that is designed to eliminate third party not assisted in saving me $500,000, even if I have to pay 5 percent fee on it which I even know that blockchain fee can never be up to that.

[bitgolden]

The global economy is now transitioning into the world of digital and these projects you are mentioning here are pioneering on this aspect. The impact of these projects for the economy of the countries where they are based can be felt in years to come and with this trend going stronger we should be expecting more and more players in this field. Just in the Industrial Revolution, we are now in the true Digital Revolution with the blockchain technology and cryptocurrency changing the face of many industries. The influence of new technologies and protocols will be changing the very fabric of the economy and even the society in general.

I wouldn't say we're in the true digital revolution until the whole world is able to benefit from this digital access. True, now mobile phone technology is almost in reach for everyone, but the poorest people still do not have education. what's the use of access to internet for example if you can't even read?

This is the step everyone has forgotten about, to make things equal first.

I was watching a discovery on the satellite dish one of these days and you could see how many people that we have in an isolated places where they have no access to good roads, good water, technology, network and even schools and I wonder if these same people are in the same world I am, you know it is easy for everyone to judge based on their current status and think the world has so much advanced that lack of education will affect the growth of digital technology, but these number of people are quite much, and if the whole world goes digital, how would those people cope or able to buy and sell, so we are still quite far beyond achieving such dream, and it will take lots and lots of decades before this can be achieved.

[vintages]

i dont think that any new blockchain proejct can really change economyo f the country

Postive mindset is everything. It's one step at a time.
Even if the blockchain projects OP listed didn't make impact immediately, it might in the long run.
It may serve as the exposure that is needed to bridge the gap of unawareness.

Many are unaware of blockchain and its importance and hopefully other businesses can emulate them too. Will the use of blockchain in that state be welcomed should be the major concern here.

[Oceat]

Its depend on the country, if blockchain technology will be adopted here in Thailand, i doubt if it will grow our economy since the corruption in this country is endemic

Any underdevelop country are prone to corruption and yes you are right blockchain project might not help to grow your country's economy since the government itself needs to fix first. But with the help of cryptocurrency, people might start to change their economy unless of course, they have to stop supporting corruption in their own country.

Anyway, if your government didn't ban any cryptocurrency in your country then you still have a chance to make a change it but it does require a lot of people power to change your whole country.

[timerland]

Japan, South Korea, and Singapore are probably the biggest hubs for cryptocurrency-based operations, and it's very fair say that Asia is the biggest and most active market in crypto. Most companies all have offices or are based in Singapore, for example, Binance. There's also been a large number of conventions and events held in Singapore, with the rest usually being based in Malta.

Not surprising at all, Japan and South Korea are probably the most technologically advanced countries in the world, and they've always been to adapt to new technology.

I'd also like to add if you look at businesses in those countries, they've been way more accepting of crypto as a payment option, and this is all helped by their favorable government.

[darklus123]

Every startup projects can really have good impact to its local economy especially if it will succeed. Japan to be exact as an example we know how the Japanese economy has been struggling from their all time peak for decades.

But within the past years after Japan started to make decent amounts of crypto related projects slowly they are again overcoming the challenges and if this will continue Japan might not just be able to reach their all time high during earl 80's but they might overcome it as well.

[danherbias07]

Locally?
Japan dont need it. Their economy is way better than most countries all over the world and so does Korea.

Maybe worldwide it could change something. Japan already accepted bitcoin and South Korea might be on its way too.
They might have banned a lot of ICOs and exchange but being one of the largest economy in crypto currency it would be better to just accept bitcoin no matter what.

[mu_enrico]

Will a simple sql database operate what blockchain is able to operate, would a simple sql database eliminate third party involvement in transactions?

No, if about 3rd party removal, only permissionless POW blockchain will do the job.

Blockchain might be expensive at the development stage, but what of in the long run, the fee we pay for blockchain transaction can still not be compared to what we pay in the traditional banks.

This reason might be correct in the past; however, at the moment, bank transactions are practically free (except for international transfer).

My point is while Bitcoin project is real and have use case (permissionless, open, borderless, non-debased, etc.), the use case of these "blockchain projects" may or may not be existed. Thus, the idea if this hypothetical project could affect NE Asia economy is still improbable.

[Kemarit]

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

Japan, South Korea or even Singapore is already progressive nation in Asia already. So I don't see it how blockchain projects can impact their economy, the positive thing though is that they are fully aware how crypto/blockchain is the new revolution so even their financial standing is so good, they still deal themselves with the latest technology.

Maybe what should be looking are the developing countries in South East Asia, Malaysia, Thailand, Indonesia, Philippines. This nation should step up try to increase their awareness with this technology (if they hadn't done so) because this is a game changer. It might take years for this nation to accomplished what Japan or South Korea did, but at least they can create a positive direction for their country with this technology and possibility improved their economic standings.

[SirLancelot]

The use of blockchain technology helps the growth of economy generally depending on where it is applied to. Japan has been one great supporter of blockchain technology and cryptocurrency because they have probably applied it to so many areas where they have seen the effect of it.

One of the thing that usually slow down the growth of economy is too much involvement of third part, and this is one of the thing that blockchain  has come to eliminate, with blockchain, the government can directly perform some certain functions without having to involve third party that usually cost them fortune to maintain. There is also going to be transparency in the economy as people will no longer be able to direct participate on a corrupt practices that kills economy.

[beerlover]

I think it is going to have an affect and it will definitely have small changes but as a whole nation? I doubt so. I mean the technology is there for sure and I am betting that with time they will start to be used a lot more but even when they get big they won't get big as much as "changing the economy" type big.

In order for a countries economy to get big there needs to be new money coming in and that can happen with attracting money from other nations, that can't happen in bulk via crypto technology just yet, who knows maybe in 10-20 years it could but for now they are just small time things that won't have too much affect. It can help with taxing a bit maybe by using the blockchain technology and following everyone's money and taxing them accordingly to avoid tax evasion but that is about it.

[MidnightWolf]

Of course, if you use the cryptocurrency market correctly and that smart people are engaged in this business, you can earn and replenish the state budget very well, which will definitely bring huge profits for the benefit of the people.  But first of all, all state structures and governments should be loyal to cryptocurrency and even at the state level by means of certain laws legalize cryptocurrency business in the territory of their country.

[fiulpro]

It's not the project it's the people .
Making a project is a different thing and how people are receptive to it is one.
If people are going to be happy about it and invest then it will for sure see an amazing growth.
Also, It's Japan and South Korea we are talking about The technology there is already so advanced and people never refrain from using the new one's , the government is also so supportive .
I think they would set an amazing example and will see tremendous growth in the economy soon.

[eaLiTy]

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

All the projects are there to simplify things and if the projects could really make a difference to the society it will have an implication on the economy as well. There are many projects coming up but only time will tell whether these projects will be successful as they intended to be as we have seen many promising projects that came and just could not fulfill what they started and died off eventually. So it is hard to predict until we have results.

[TheUltraElite]

The technology there is already so advanced and people never refrain from using the new one's , the government is also so supportive .
I think they would set an amazing example and will see tremendous growth in the economy soon.

What makes you think that they would be willing to take the risk in a new sector or some known blockchain based projects? The current legality of bitcoin although legal in these countries but the picture is pretty tarnished back in US and majority of Asia.

Whether this can be changed in future is still a question. In case if bigger companies start accepting cryptocurrencies then we might see a change in the stance of the governments and then it might be worth seeking out such country people for a pitch. Till then I dont see any reason why any project would be able to get a decent financial support from them.

[jostorres]

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

All the projects are there to simplify things and if the projects could really make a difference to the society it will have an implication on the economy as well. There are many projects coming up but only time will tell whether these projects will be successful as they intended to be as we have seen many promising projects that came and just could not fulfill what they started and died off eventually. So it is hard to predict until we have results.

With the level of some shot projects that we find around now, honestly I am beginning to give up on new projects and just counting on the older ones to take us to that promise land. Most of these new projects that you see dyeing off promised heaven and heart and promised they have a better technology than that of their competitor, those same competitors they talked about are still delivering very quality and solid projects till date while majority of them has already packed up.

I think if we think of encouraging projects, we need to encourage those older projects that re in the market already but finding it hard to survive because of the attention of users that has been stolen from them. I still believe though that a time will come when we will be having more records of projects delivering but now.

[BTCappu]

I think that for a project that is created to be able to have any good effect on the economy of any country and to the extent of changing it, it would have to be a huge project is that will draw huge money into the country daily… so it's not just any kind of project that can draw money to the country ,some projects are just worthless and by the way this is not the first time I'm seeing a project on blockchain that seems to be quite interesting but at the end they will be abandoned when there is nothing good coming from it. The devs do this for money, you don't expect them to continue running a project that doesn't bring the money, They have bills to pay and also has to feed,lol…

[pieppiep]

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

If the country accepts cryptocurrency, I think the blockchain project can change the economy in that country because people can use the project for their lives. People will try to integrate with the projects although we cannot see many of the projects have already integrated with the system in real life, in the future, I think if it's a success to join with the system, it could give a good impact to the economy of the country. We need to see the progress as it will not happen in a short time because there are a lot of things that need to do before it could give a good effect.

[imstillthebest]

only on north east asia ? Whats so special about them ? .  blockchain technology and cryptocurrencies are already changing the economy at its best  but only for those who allow the use of them . those country that bans crypto and blockchain wont feel those benifits  . too bad for them

In addition to those technology and payment method , a certain country can excel more if they can create a new projects under the blockhain tech and with the help of cryptos like mentioned on the op .