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How has Bitcoin transformed various industries in Japan?

Since the establishment of BitFlyer in 2014, Japan has quickly become one of the most prominent markets for cryptocurrencies. Now that Tokyo is home to many companies involved in cryptocurrency-related services let us talk about how this industry transformed various fields in Japan.

1. Real Estate

This is one of the most popular business areas for Bitcoin companies because real estate transactions are still slow and costly compared to other countries. That is why BitPremier founder Alan Silbert decided to found this company in 2015, which targets the luxury market by providing customers with access to exclusive items (e.g., sports cars) that can be purchased with Bitcoin.

However, real estate companies are not the only ones to accept digital currencies. A Japanese company named Peach Aviation is the first airline that has announced that it will start accepting Bitcoin for flight tickets at some airports in Japan beginning this summer. 

This move was followed by Rakuten, one of the largest e-commerce companies globally, and their subsidiary company named Rakuten Ichiba.

2. Financial Services

Before talking about this industry adopting cryptocurrencies, you should know the ‘Yahoo!’ group, composed of over 60 different companies, including Yahoo! Japan. This online portal is one of the most popular websites in Japan due to its massive database of users.

As it turns out, Yahoo! Japan has announced its plans about creating a new group called ‘Yahoo! J-Coin’ next year, which will be the world’s first cryptocurrency used by their customers. Moreover, GMO Internet had also joined this race in December 2017 when they launched their token named ‘GMO coin’ to provide their clients with easy digital currency payments.

3. Online Gambling

Online gambling is one of Japan’s most popular forms of entertainment, which is why the government has started its crackdown on all platforms that are offering online casinos. However, they have not taken any action against companies using cryptocurrencies because it would be too costly to do so now.

It appears that online casinos are not the only industry that is starting to accept cryptocurrencies as a form of payment. 

Even popular social media platforms have recently begun to support BTC payments, thanks to a French company named Eight Entertainment Co., Ltd, which created We-Sabi. Furthermore, Nintendo has also announced its plans to start accepting digital currencies on its My Nintendo Store, beginning this summer.

4. Tourism

Japan is one of the most popular travel destinations due to its rich culture and history. Many people know about Kyoto’s ancient temples or Tokyo’s modern skyscrapers, but not enough are aware that Japan has some of the best ski resorts in the world too. For example, Niseko United is a well-known ski resort that attracts tourists from all over the world and has been listed as one of the 20 best ski resorts by Ski Magazine.

However, besides its fantastic powder snow and beautiful landscapes, there was another reason that made Niseko United an attractive destination for international tourists. That is because this ski resort in Hokkaido, Japan, has started accepting digital currencies since late 2017 due to the efforts of Australian company SnowJapan.

5. International Trade

When talking about Japan, most people usually think about its well-known companies like Nintendo or Honda. Still, the truth is that many smaller companies are starting to explore the opportunities behind cryptocurrencies, especially in international trade. For example, many Japanese farmers have started to accept digital currencies due to their lower costs than bank wires.

This is possible because companies like Oraclize have recently partnered with small businesses in Japan by providing them with BTC payment integrations. Another project gaining popularity among Japanese farmers is FarmShare, which has recently started a new program to help local businesses accept cryptocurrencies as a form of payment.

6. Government Services

Governments are usually very slow when adopting new technologies, but this does not mean that there are no examples of countries using blockchain technology in their daily operations. That is because Estonia had recently made headlines when its government announced that it would be using blockchain to secure citizen data back in August 2017.

However, Japan is not far behind in applying the benefits of cryptocurrency technology into regular operations. Visit website to learn more.

For example, the Japanese government has started testing Blockchain technology for medical services, where patients can access their medical records anywhere and at any time. Furthermore, the government has also announced that it will start using blockchain for its land registry system this year.

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