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Blockchain is much more than just hype over bitcoin and cryptocurrency – decision makers in various industries have a real interest in the topic. To delve deeper into the application and potential for distributed ledger technology, Linfinity has held multiple roundtable discussions where leaders from a diverse range of industries from finance and investments, to hospitality and real estate, came together to provide industry insights. Amid the discussion, it was clear that blockchain has potential to transform various industries. Below are the highlights of the roundtable discussions.
How Blockchain Will Disrupt Everything
The participants largely agreed that the adoption of blockchain was a question of not if, but when. As aptly put by roundtable attendee, Elaine Chia, Bank of Singapore’s Associate Director – “blockchain and cryptocurrency is a tsunami you cannot stop”. Participants brought up examples of how blockchain could potentially disrupt everyday scenarios: from search engines, to food security, to luxury goods. Had blockchain existed earlier, the milk powder scare of 2008 could have been largely avoided. By validating products on blockchain through adopting transparency and credibility, consumers can be more aware of the origins and expiry dates of pharmaceuticals and food products. In the luxury industry, fashion goods can also be authenticated on the blockchain system. Even fisheries can benefit from hosting information on blockchain to prove their sustainability measures, value adding to their consumers.
Blockchain: Boon or Bane?
The benefits of blockchain were agreed to go beyond encouraging transparency and traceability, as blockchain has the potential to boost efficiency. Participants in the banking and finance sectors stated during the roundtable discussions that blockchain technology should be adopted in its processes. It was mentioned that longstanding banks have strong views that technology can undoubtedly improve efficiency and there’s a massive amount of untapped potential to transform the way banks work.
Real estate consultant from Seed Global Investment, Edward Tan, shared with other roundtable participants that blockchain is a commonly discussed topic due to the nature of the industry where funds are frequently moved and a large amount of transactions happen on a daily basis. This creates an urgent need to implement blockchain technology.
Regardless of the background of participants, one thing was for certain: blockchain has the potential to improve systems everywhere. This is why Linfinity has embarked on the total supply chain wave, to provide businesses with a solution to improve transparency and efficiency. By implementing anti-counterfeit measures, traceability technology can strengthen processes.
ICOs: Are they Legitimate?
Despite the excitement and potential of blockchain, participants agreed that dubious ICOs are a possible explanation for the hesitancy and scepticism in blockchain adoption. Recently, ICO scams have been dominating headlines for scamming investors of millions. Often, these companies simply develop and market an attractive landing page or video in order to raise quick funds for their company.
In a recent Bloomberg Article, Lee Boon Ngiap, Assistant Managing Director of Capital Markets at the Monetary Authority of Singapore (MAS), said that the number of digital token exchanges and ICOs in Singapore has been on the rise. She continued that there is no need “to restrict them if they are bona fide businesses…but if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.” To avoid these scams, investors should study white papers with a discerning eye before committing to an investment. Due to the hot topic of ICOs often being a swindle, Linfinity is not heading towards the direction of an ICO. Instead it relies on the token model in order to incentivise businesses and end consumers.
Introducing Practical Applications of Blockchain Technology
Moving blockchain technology from a concept to reality, Linfinity has sought out strategic collaborations with companies to build a more trustworthy and traceable supple chain, based on their blockchain system.
To date, Linfinity has signed Memorandum of Understandings (MOUs) in Singapore and Taiwan, with more upcoming in the region. The Singapore MOUs marked the start of partnerships between Linfinity and six companies across various industries – Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia. These partnerships span different industries from finance and legal to logistics and FMCG, and will see Linfinity’s implementation of blockchain technology improving the efficiency and transparency of supply chains.
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In Taiwan, Linfinity and the Alishan Group signed a strategic cooperation agreement. Under this agreement, Linfinity will create a counterfeit traceability system for all players within the Alishan Group from manufacturers to consumers, as well as prevent counterfeit goods from circulating on the supply chain by using the first-ever dynamic game mechanism.
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Anticipating Government Challenges and Regulations
As blockchain remains relatively new and unprecedented, companies must anticipate government challenges and regulations moving forward. Participants pointed out that the decentralized nature of blockchain leaves it resistant to government intervention, in the sense that governments cannot simply ban the access to blockchain altogether unlike Facebook in China.
Even so, companies interested in blockchain are still preempting what governments might do when they start to regulate blockchain. While the Singaporean government is in the midst of fine-tuning its registration processes and taxation, companies can rest assured that Singapore would embrace technological advancement, rather than cut away from it. In TechINAsia’s recent article, Bobby Ong, co-founder of CoinGecko, one of the largest cryptocurrency data websites, recently shared that regulations set up by Singapore are steps in the right direction, as “clear laws and guidelines by regulators are always welcomed by blockchain startups to ensure that the work that they are doing complies with regulations. It also helps blockchain companies with getting bank accounts.”
Linfinity Talk in Seoul, Korea, on 9th June on overview of blockchain technology with 180 attendees
In a bid to raise awareness and educate the mass public on blockchain and how it can benefit industries, Linfinity has made large strides beyond Singapore. The firm is establishing Linfinity Talks, the company’s self-contained global roadshow platform that demonstrates blockchain projects, as well as connect with like-minded businesses to further explore blockchain technology. Hosted by CEO of Linfinity, Mr Anndy Lian, he will share about blockchain technology and the importance of building a trusted and traceable anti-counterfeiting supply chain.
Targeting a regional audience, Linfinity has made its first stop in Seoul, Korea, where they were joined by CodePress – an out-of-the-box decentralized digital content distribution solution, aimed at helping content producers to quickly build their own content distribution networks.
Following its first successful event in Korea, the next Linfinity Talk will be held in Japan on 1st July 2018, Sunday. Subsequently, Linfinity will be involved in the ‘Asia Digital Asset and Blockchain Congress’ also held in Tokyo, Japan on the 2nd July 2018. Mr Anndy Lian be a Keynote Speaker at the event.
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Aside from Japan and Taiwan, Linfinity has plans for more upcoming talks spread across the globe for the next three months – spanning from Singapore, London to Vietnam and Hong Kong. The possibilities of transforming supply chains across different industries is exciting – as the demand for trustworthy and reliable data increases. Mr Anndy Lian is open to discussions should there be interest in collaborations with Linfinity to apply their blockchain system to existing organisations and/or supply chains. You can reach him at pr@linfinity.io.
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LINFINITY is a blockchain-powered platform promoting and showcasing the reliability of data, transparency of information, efficiency of cooperation and an interconnected network, so as to cope with both the common pain points in practical business, and the developmental demand of corporate users.
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