A survey of Japanese companies found that 57% of companies are considering using blockchain adoption, but most fear that Japan will lag behind other countries in the race to make blockchain-powered solutions operational in the corporate world.
These were the findings of a report of Tokyo-based blockchain business advice CryptoPie. The company says it surveyed 125 Japanese companies between March 8 and April 30 this year.
The authors of the report stated that larger companies, medium-sized companies and smaller companies – operating in different industries – all participated in the survey.
The adoption rate seems relatively encouraging: 24% of companies said they had already introduced blockchain-powered solutions, or were engaged in proof-of-concept or pilot projects using blockchain technology.
However, nearly 44% expressed some uncertainty about whether they could actually implement blockchain solutions in the future.
A third of the companies said they couldn’t see the benefits of implementing blockchain-powered solutions – with only 11% imagining that blockchain technology would have a direct impact on their financial performance.
Respondents also identified hurdles they thought could hold back blockchain-related progress, with a third claiming that profitability was an obstacle, with 19% saying that “insufficient interdepartmental understanding of blockchain technology” would likely hinder acceptance.
More than half claimed that blockchain awareness in Japan was lower than in other countries, while only 14% believed Japan was catching up. That said, as many as 96% of respondents said they hear the word “blockchain” more today than they did three years ago.
Figures by figures prepared by Japan NGB late last year, and indicated by Nikkei, Chinese companies filed 7,600 patent applications in the period 2009 through 2018, while companies based in Japan filed only 380 in the same period.
The Japanese government – not used to losing technical races against China – has tried to redress the situation. Regulations were passed earlier this year Financial Services Agency launched an initiative to promote ‘sustainable development’ in the blockchain sector of the country.