[ad_1]
Hong Kong, November 13, 2020 (GLOBE NEWSWIRE) – Blockchain technology has developed rapidly in recent years and its applications have expanded. Not only is the technology being applied to various segments of the financial sector, it has also expanded to cover other businesses, allowing data processing and storage to become more efficient and transparent. This facilitated the development of new business models. A number of member companies of the Cyberport community use blockchain technology to develop diversified solutions in the financial and non-financial sectors. This includes enhancing asset transactions and improving the efficiency and transparency of business operations.
Promoter of blockchain applications
Eric Chan, Cyberport’s Chief Public Mission Officer, said “Cyberport firmly believes that Hong Kong’s advancement of innovation and technology development is based on groundbreaking, cutting-edge technology with growth potential. Blockchain is a revolutionary technology that allows multiple parties to participate and collaborate. . The data storage and processing system is highly effective, transparent and credible. With its potential applications in the financial sector and other trades far beyond the imagination, Cyberport has identified blockchain as one of our key technology clusters. Let’s take the initiative to partner with leading companies in this field to provide start-ups with knowledge and examples of use of blockchain applications. Within our community, a growing number of start-ups have successfully developed blockchain solutions that address the points weak in many industries.This has not only improved operational efficiency and it shines through it is a company, but it has also created many new business models. “
Cyberport has implemented a number of measures to promote blockchain development. Key initiatives include partnering with R3, a world-leading blockchain platform provider and FORMS HK, a pioneer of blockchain applications, to launch the “Block AdVenture Program”. The program provides technical training to start-ups, assisting them in developing blockchain technology solutions. In promoting its business applications, Cyberport launched the “Blockchain & RegTech Speaker Series” between this August and October, where the financial sector was briefed on blockchain applications in digital assets, insurance and compliance. Next week, Cyberport will also organize “Hong Kong Blockchain Week 2020” with NexChange, to examine current issues such as “decentralized finance” and blockchain applications for businesses.
Cyberport start-ups are driving blockchain financial reform
Blockchain is a decentralized, transparent, tamper-proof and traceable technology particularly suitable for the financial industry that requires high reliability and precision. Cyberport start-ups also use blockchain to develop wealth management and insurance solutions. Blockchain technology provides a new mode of transaction for fixed assets that raises the liquidity of low-cost assets and simultaneously lowers the entry threshold for investors. Cyberport Liquefy incubator adopts blockchain to digitize and tokenize physical assets. Tokenize the properties held by a family in the Gulf area of the Middle East. His first project was a high quality hotel located in London’s central Mayfair district. Liquefy is committed to expanding its market in the Middle East and has obtained a license to operate a token asset trading platform.
Another FinTech start-up, FinFabrik, has also used blockchain and smart contract technology to develop a digital platform. Digitize physical and intangible assets, divide ownership so asset owners find it easier to get financing. This allows more investors to invest with lower amounts and to hold property rights commensurate with their investments in different types of projects such as hotels and commercial buildings. For HKbitEX, which just became a Cyberport incubator in October, it operates an over-the-counter (OTC) digital asset trading platform for professional investors.
The immutability of blockchain technology makes it desirable in the insurance sector where a fundamental value is credibility. Cyberport MediConCen incubated uses blockchain to support medical insurance claims at insurance companies. This increases trust in patients, medical groups and insurance companies. A simple interface makes the complaint process more convenient. It also improves the efficiency of claims by reducing the costs involved. Another Cyberport InsurTech start-up, Galileo Platforms, recently partnered with Singlife Philippines to apply blockchain technology to its insurance policy management system. This connects policyholders, distributors and other stakeholders in real time. This cuts down on declaration checks and background work that paved the way for a successful expansion into the Philippine market.
Blockchain applications benefit the aviation industry, environmental protection and social services
Cyberport start-ups offer blockchain application solutions beyond the financial sector. In the aviation industry, each aircraft has many components. Its delivery, flight and maintenance records are extensively documented. This makes it difficult for different stakeholders to consolidate information, so verification becomes complicated. The Cyberport Block Aero incubator has built a blockchain platform for stakeholders such as airlines and aircraft maintenance companies. The company establishes a blockchain of aviation-related assets. Records of maintenance and repair work as well as information on supply chains are clearly listed in the chains. This improves the efficiency of the entire industry and reduces operating costs.
Another incubator Cyberport Block Dynamics has built a procurement platform for a French waste management company based on blockchain technology that allows material suppliers to send real-time quotes during auctions with sealed bids. This allows the company to source materials at affordable prices. The start-up is also developing a blockchain-powered platform for companies and individuals to monitor their carbon footprints, to protect the environment by encouraging them to reduce their carbon emissions.
Additionally, social enterprises can also use blockchain to handle administrative work in reviewing the beneficiary’s records and related grants. Cyberport Shanzhai City incubated provides a blockchain platform for social care organizations to record and update every element from funders, recipients, and themselves. This reduces administrative costs to ensure that state grants and charitable funds are actually used on those who need them.
With the spread of blockchain technology, a market for blockchain-based “decentralized applications” (D Apps) is gradually taking shape. It is particularly vibrant in the financial and digital entertainment scene. Start-up Cyberport D Labs Global spotted this trend and launched the Dapp.com website, to provide users with data analysis and D App scoring to select the best choice.
Denny Law Hong Kong Cyberport [email protected]
.[ad_2]Source link
