In 2019, the International Monetary Fund (IMF) estimated the global economic growth at 2.9%. In 2020, despite COVID-19, the IMF estimates a growth of around 4% an unexpected improvement. However, these growth rates seem to be dwarfed by certain technology-driven markets. One of the frontrunners in this regard is the Blockchain industry. Different sources have quoted varied but flattering estimates for the growth of Blockchain in the coming years. The expected CAGR (Compound Annual Growth Rate) for blockchain, regardless of the source, is above 80% by 2023. This growth is furthered by online dependencies spurred by COVID-19. In this article, we look at certain Asian Markets and how translation can be a catalyst to enable companies to enter and thrive in these markets.

Japan embraces BlockChain but with caution

Japan has been known to lead technological innovations and strive to always be updated with the latest tech. Cybersecurity and Blockchain are no exception to Japan’s plan. The country has seen a rise of several implementations of Blockchain, and with the changing dynamics influenced by COVID-19, blockchain developments are being pushed at a faster rate to universities as well. Japan doesn’t have enough local players, though, and with blockchain being as young as it is, they are willing to welcome Western players to speed things up.

That being said, with the hack on Coincheck in 2018, Japan has felt the need to protect its customers and seen reasons to be cautious. The experience with Coincheck has left its mark, and while Japan would like to continue being the global leader in this technology, the incident has forced measures that are road bumps.

A government-backed China

In the earlier stages of blockchain development, China was among the naysayers. They banned over 80 cryptocurrency players and deemed it a possible risk. However, in October 2019, China’s President, Xi Jinping, announced that China would invest in blockchain and should lead the way in the industry. While it is unlikely that China will loosen the noose on foreign players entering the cryptocurrency markets, blockchain has several other use cases involving data privacy and protection.

China has an estimated 5,000 blockchain developers, which is certainly lower than the US, as well as its neighbor, India. It’s no surprise that there will be international help required for China to meet its goal of setting the blockchain standard, and that is sweet news to international blockchain companies.

Other Asian markets

While Singapore is fairly developed in its position of blockchain, several other countries also show promise and market potential. UAE, India, and Malaysia are also in the development stage and are promising markets for the blockchain industry. Data security and privacy have become the need of the hour during these times, and countries with developing economies could see blockchain as a useful resource for stability and growth.

How translation can give western cybersecurity and blockchain a boost.

The demand for Cybersecurity has certainly risen due to the pandemic, and an increasing number of clients from the industry have approached us for help. Here’s how we help them and why more companies should consider working with a translation company earlier than later.

• The inclusion of culture

If you do not have experience working with Chinese or Japanese clients, it might be difficult for you to get a positive response or win favor with clients. Cultural nuances need to be taken care of in communication, and attention to detail is very important. We’ve helped our clients shape their approach so that it fits well within the culture of the target market before investing resources for outreach.

• Reaching out to the market

What is the best way to connect with your target market? Collaterals such as websites, software, brochures, etc., are often vetted before choosing a vendor. Apt translation and market knowledge will help you get noticed.

• Educating the workforce

Manuals and training documents are part and parcel of this industry, and communication and directives are plenty. A good translator can help standardize this information and can reduce miscommunication and human errors.

• Communication and convenience

When working with clients from countries like Japan or China, communication in the local language is an absolute requisite. Ongoing communication should be expected, and depending on your volumes, a good translation solutions provider would be a cheaper alternative. Should you choose to employ in-house translators, working with a translation expert will enable you to pick the right people for the role as well.

Global Cybersecurity is moving quickly, and Asia is geared up to be the hotbed of this growth. As several players in the market hustle to get the largest foothold, translation can help reduce the barriers to growth and be a differentiating factor. The future of blockchain looks bright but a tad uncertain too. It’s going to be an interesting decade to see how this industry pans out.