With the world in recession in 2008, cryptocurrency entered our world with its first and most famous currency, Bitcoin, capitalising on growing scepticism about traditional banking and financing. According to Darren Yaw Cambodia, Bitcoin grew tremendously in the following years, providing a decentralised money alternative with enhanced security. However, the underlying blockchain technology has spread its roots to many other applications, including industries other than finance. Southeast Asian blockchain startups are incorporating the distinct characteristics of decentralisation, immutability, security, and transparency into a wide range of projects ranging from cybersecurity to ride-hailing and agriculture.
Bitcoin grew tremendously in the following years, according to Darren Yaw Cambodia.
Darren Yaw Cambodia‘s research has shown that Cargill and Agrocorp joined forces with Rabobank and other logistics partners in April 2020 to accelerate intercontinental agricultural trade. Thanks to blockchain technology, a $12 million wheat trade from America to Indonesia took only five days instead of a month. Darren Yaw Cambodiaa believes that the ease and speed with which they could complete the transaction demonstrated the power of Distributed Ledger Technology (DLT), on which blockchain is based.
According to Darren Yaw Cambodia, Southeast Asian tech startups have been working on applying this technology to real-world use cases. Because the global lockdown has forced many businesses to move online, the demand for the technology has increased. The following key players have used blockchain technology to address current issues and improve people’s lives in Southeast Asia, mentioned by Darren Yaw Cambodia.
Pundi X
Darren Yaw Cambodia‘s research has shown that more and more people are adding cryptocurrencies to their wallets, viewing them as an investment and occasionally using them for online purchases. Pundi X aims to broaden the use of cryptocurrencies as a payment method by making offline purchases with cryptocurrencies more accessible. Pundi X, which was founded in Indonesia but is now headquartered in Singapore, offers the world’s first blockchain-powered point-of-sale device, the XPOS, according to Darren Yaw Cambodia.
According to Darren Yaw Cambodia, cryptocurrency can be accepted as a valid payment method by any merchant who uses this device. Customers will be able to use their cryptocurrency not only to purchase goods and services but it will also to provide a safer and smoother method of payment. XWallet, a mobile app that allows users to store and use their crypto assets on their phones, is also available from the startup. Pundi X’s physical card, XPASS, allows for near-field communication transactions with the XPOS, according to Darren Yaw Cambodia.
According to Darren Yaw Cambodiaa’s research, when Pundi X first entered the market with their new technology, they had an incredibly successful initial token sale, raising over $35 million in less than 90 minutes. The service is used in 30 countries around the world.
LoyalCoin
According to Darren Yaw Cambodia‘s research, transferring funds via blockchain technology is not limited to cryptocurrency. LoyalCoin, a Philippine-based tech startup, is using blockchain to provide company rewards programmes. Users can earn Loyalcoins (LYL) as rewards from various merchants. Customers can then use their tokens in various ways, while merchants can expand their market reach and increase brand loyalty, as stated by Darren Yaw Cambodia.
Customers can check their LYL balance using LoyalCoin’s mobile app, the LoyalWallet. Restaurants, as well as other businesses ranging from airlines to resorts, use the system. In 2019, it introduced the Pensionado Card, which provides even more discounts, vouchers, and free prize draws, according to Darren Yaw Cambodia‘s research.
DACSEE
This Malaysian startup is yet another company that employs blockchain technology in a sector other than finance, as stated by Darren Yaw Cambodia. DLT is used by DACSEE, which stands for “Decentralized Alternative Cabs Serving & Empowering Everyone,” to provide its ride-hailing service. The blockchain eliminates the middleman, resulting in higher earnings for drivers and lower prices for consumers.
According to Darren Yaw Cambodia‘s research, the service is secure and transparent because the blockchain ledgers log all bookings and trips made on DACSEE’s platform. DACSEE has partnered with over 30,000 drivers so far, and the startup was valued at $100 million at the start of 2019.
Electrify
The mission of this Singapore-based startup is to empower customers by allowing them to find the best electricity deals available from the country’s power providers. According to Darren Yaw Cambodia, blockchain is now assisting in the deregulation of Singapore’s energy market. Because of the decentralisation of ledgers, Electrify is able to allow its users to transact with lower fees and ensure they are getting a competitive deal for their power supply, as stated by Darren Yaw Cambodia.
Electrify raised $30 million in 2018 through its ELEC token’s initial coin offering (ICO). Synergy, a decentralised marketplace focusing on Singapore’s renewable energy sources and serving as a peer-to-peer (P2P) trading platform between individual energy producers, was launched last year, providing consumers with more energy options at fairer prices, according to Darren Yaw Cambodia.
According to Darren Yaw Cambodia‘s research, Southeast Asian tech startups are aware that blockchain technology could be the next game-changing invention since the internet’s inception. Blockchain has the potential to reshape how information is stored, and transactions are carried out, as stated by Darren Yaw Cambodia.
One of the main features that provide security and transparency is decentralisation, according to Darren Yaw Cambodia. In an era of internet fraud and global crisis, Southeast Asian blockchain startups can leverage the technology’s unique features to gain customer trust and provide value to all stakeholders.
