[ad_1]
With the increasing popularity of blockchain technology, those who control wealth in Asia have decided to learn more. Yesterday, 130 of the most influential families in Asia had a summit in Singapore to learn about blockchain technology and its application in the business world. The group consisted of investors, entrepreneurs and only members of well-heeled old families. All these investors came together to listen to a group of some of the most important members of the cryptocurrency industry while explaining the concept. The summit was strictly based on an invitation and was hosted by Forbes under the title "Decrypting Blockchain for Business".
Blockchain Business decryption
Anderson Tanoto, the director of Royal Golden Eagle, a conglomerate worth over $ 18 billion, talked about his interest in blockchain technology. He believes that the blockchain industry is made up of two herds of people. In his words:
"Blockchain technology is made up of two groups of people, and one group wants to quickly become rich by exchanging cryptocurrencies, another group wants to change the world with blockchain technology." I want to join the second group. "
Bitcoin (BTC) Price today – BTC / USD
This is not the first time that Tanoto shows interest in blockchain technology. His father's RGE company has launched an initiative known as Sustainability Assurance and Innovative Alliance. The initiative was designed to use blockchain technology for the company's vast supply chain of palm oil. The Asian consortium of palm transformers, palm oil growers and consumer goods producers intend to move around half of their palm oil supply chains into a blockchain. This project will be completed within the next two years. This investment will reduce intermediaries and increase transparency in the palm oil supply chain.
What can Blockchain do?
During the event, some other applications of blockchain technology were presented by Janil Puthucheary. Janil Puthucheary, is the Prime Minister of State in the Singapore Ministry of Information, Communication and Transport. During the summit, he talked about how blockchain technology can be used to track goods on any supply chain. He also talked about how it can be used to automate payments in different industries.
While he listed many benefits of the blockchain, he also talked about some possible disadvantages. He said he is working with other government offices to find a balance in the use of the blockchain. The idea is to reduce the risks associated with the use of distributed master books. In his words:
"Blockchain is not completely safe on its own – just like any other technology, it has some vulnerabilities, but due to some of its properties it can offer a higher level of security than many other resources."
Other important members of the industry like Bobby Lee from BTCC, Binha's Zhao Changpeng and Bloq's Matthew Roszak also spoke about various aspects of blockchain technology. The goal of the summit was to help these rich and influential members of the Asian environment gain a degree of understanding of the blockchain technology. The more they understand it, the more they will be willing to invest in the sector. Unfortunately, the current circumstances in the cryptocurrency market make it difficult for anyone to sell the technology to others.
Asia is already recording a lot of blockchain activities. Some experts now refer to it as the hub of blockchain technology.
