Specific sectors show massive growth in the blockchain industry, with statistics nailing over the past six months. In Japan, the number of cryptocurrency and blockchain-focused companies has leaped up by over 30% in 2020. As published in a report documenting the industry, Monex Group’s Monex Crypto Bank details how it has grown. The banking group also unveiled that there are now 430 cryptocurrency companies in Japan, up 30.7% from the 329 companies that were reported this time last year.

Blockchain And The IT Industry

According to the report, over half (55.2%) of the cryptocurrency and blockchain-focused companies in Japan are essentially offering information technology (IT) products. 19.2% of the companies are focused on finances, and 10% are in the entertainment industry. Other industries included in the sector include service, healthcare, retail, infrastructure, human resources, and trade.

This symbolizes that the majority of the blockchain companies in the Asian nation are focused on creating infrastructure reliant on the technology, not for tokenization (seen in the financial component of cryptocurrencies). This is unsurprising, given that the use-cases for blockchain technology in data and IT is so broad.

The Drive Towards Blockchain-Based Gaming Platforms

In March, Hironao Kunimitsu, president and founder of gumi (a blockchain-based game launched in Japan) stated in a statement, “Through the new guidelines, we aim to help our users use content with peace of mind and contribute to the healthy development of the blockchain contents industry in Japan.” 

Ambiguous regulations are in place, particularly those related to gambling and tokenized platforms that rely on the betting or opportunity to win digital currencies – might lead to obstacles in future companies taking off. Nevertheless, as regulations become more clear, the integrated industries will have enough space to develop.