57 percent of Japanese companies aim to use blockchain technology.
These were the findings of the Tokyo-based blockchain business consultancy CryptoPie report. The company reported that it has been researching 125 Japanese companies this year from March 8 to April 30.The authors of the report reported that larger enterprises, medium-sized enterprises and small businesses working in various sectors also participated in the survey.
Adoption rates seem relatively encouraging: 24% of companies have already said they offer blockchain-powered solutions or are working on proof-of-concept trials.However, almost 44% of businesses stated that they are uncertain about whether to implement blockchain solutions to their businesses in the future.
One-third of the companies said they did not see any benefit in implementing blockchain-powered solutions – only 11% said they predicted that blockchain could have a direct impact on their financial performance.Participants also identified several factors that could block the use of blockchain; One-third claimed that profitability is an obstacle, while 19% stated that “the lack of understanding of blockchain technology among departments” could prevent them from adopting.
Is Japan back in the blockchain area?
More than half of the respondents claimed that blockchain awareness in Japan was lower than in other countries; only 14% believe that Japan is leading in this field. However, 96% of respondents said they heard the word “blockchain” more than three years ago.
According to figures reported by the Japanese company NGB last year, Chinese companies filed 7,600 patents between 2009 and 2018 – Japan-based companies filed only 380 patents during the same period.The Japanese government, not accustomed to losing technology races against China, tried to correct the situation. Earlier this year, the regulatory agency Financial Services Agency launched an initiative that promotes “sustainable development” in the country’s blockchain sector.