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Singapore Startup wants to change perspective in Blockchain

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Blockchain has become an order for many companies, and more companies in Singapore have ventured into a blockchain between a general openness to digital technology in the island nation.

The Singapore-based supply chain platform Linfinity has become a technology advocate. He is trying to push people to look beyond the exaggeration to recognize the benefits of blockchain through dialogue sessions in Singapore and elsewhere in Asia. "We want to get away from the traditional perspective of cryptocurrency: the blockchain is not just about bitcoin," said managing director Anndy Lian, who started LinFinity last year.

The monthly Linfinity Talks of the startup, aimed at retail investors and the community, provide the public with a basic education on blockchain technology. It also aims to reduce the distrust of the blockchain that often results from unpredictable cryptocurrencies and unreliable founders who disappear from investors' view after the initial offer of coins, Lian said.

In addition, the company is discussing with C-Suite executives, as well as tailored forums for the interests of encryption enthusiasts. These are broader questions, such as how the blockchain will affect the current technology infrastructure.

In addition to organizing these talks, Linfinity is a supply chain platform that uses the blockchain "ledger", or a network of nodes that work directly together to validate transactions, to combat counterfeit products and to create a secure tracking system. It aims to track goods, such as cosmetics and pharmaceuticals, as they travel from the beginning of supply chains, where raw materials are used, to factories and finally to consumers.

Linfinity equips these products with cameras, scanners and GPS tracking devices to monitor the entire process. Details such as the names of the people managing the goods and the expiration dates of the products are documented on the blockchain and can not be modified, helping to create a transparent system, said Lian.

While some companies are already using blockchain technology to trace supply chains, mainly manage only one part and not the entire supply chain. This is where Linfinity could help bridge the gap, he added.

The company signed memorandum of understanding with six companies, including the Singapore Health Tradition health care company, RHTLaw TaylorWessing and the Crossinvest asset manager. Linfinity aims to help the scientific tradition and other companies to follow the movement of raw materials along their supply chains. Meanwhile, companies like RHTLawTaylorWessing will take on advisory roles.

With 60 employees, Linfinity has offices in Singapore, China and South Korea. It is also looking to expand into Japan and Taiwan. The company is mainly self-funded, although it has some early and institutional investors that Lian does not want to divulge. It has a market capitalization of around $ 440,000 based on its digital currency, the Linfinity token, which launched on the Chinese cryptic exchange CoinEx in July.

Linfinity's managing director, Anndy Lian, is trying to encourage more talk about blockchain technology.LinFinity

Linfinity is not the only company in Singapore to focus on supply chains based on blockchain. Shipping company Pacific International Lines, owned by a billionaire Chang Yun Chung, is working with the port operator PSA International and technology giant IBM Singapore to monitor the cargo movement from Chongqing to Singapore on a blockchain-based supply chain platform.

While neighbors like China are repressing cryptocurrency exchanges and events, Singapore has been cautiously receptive to virtual currency. "Cryptocurrencies are an experiment, and the number and different forms of cryptocurrencies grow internationally, and it's too early to say whether they will succeed," said Deputy Prime Minister Tharman Shanmugaratnam in a written response to the members' questions. of the parliament on the prohibition of trade of bitcoin or cryptocurrency, according to the local press.

The country has carefully observed the encrypted space. Last November the Monetary Authority of Singapore, its central bank and the financial regulator was published a guide to offers of digital tokens which provides information on how the laws on the country's securities apply to digital tokens.

He also tested blockchain technology through Project Ubin, a partnership with the New York R3 financial consortium, which aims to work on interbank payments.

In the private sector, a growing number of players are starting to join the Singapore blockchain industry. For example, the automotive data company Mass Vehicle Ledger (MVL) Foundation uses blockchain technology to record and increase people's access to car data in areas such as maneuvering, vehicle maintenance and car dealership.

MVL Tada's private hire service, Korean for "Let's ride", managed to get more than 10,000 customers on board before its launch on July 26th. Passengers and drivers can accumulate points that can be converted into MVL coins, the company-based Singapore cryptocurrency. These can be exchanged for prizes from MVL partner companies. The company raised about $ 16 million through an initial currency offered at the start of this year.

South Korea founder and CEO Kay Woo founded the parent company of MVL, location-based service company easi6, in 2012. Blockchain technology particularly benefits data driven sectors such as transportation, insurance and supply chain management, but it is not suitable for all companies, he says. "Even if you know the blockchain technology well, your business model may not be suitable for that – it's not magic or a simple solution, but it could be a big revolution."

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Blockchain has become an order for many companies, and more companies in Singapore have ventured into a blockchain between a general openness to digital technology in the island nation.

The Singapore-based supply chain platform Linfinity has become a technology advocate. He is trying to push people to look beyond the exaggeration to recognize the benefits of blockchain through dialogue sessions in Singapore and elsewhere in Asia. "We want to get away from the traditional perspective of cryptocurrency: the blockchain is not just about bitcoin," said managing director Anndy Lian, who started Linfinity last year.

The monthly Linfinity Talks of the startup, aimed at retail investors and the community, provide the public with a basic education on blockchain technology. It also aims to reduce the distrust of the blockchain that often results from unpredictable cryptocurrencies and unreliable founders who disappear from investors' view after the initial offer of coins, Lian said.

In addition, the company is discussing with C-Suite executives, as well as tailored forums for the interests of encryption enthusiasts. These are broader questions, such as how the blockchain will affect the current technology infrastructure.

In addition to organizing these talks, Linfinity is a supply chain platform that uses the blockchain "ledger", or a network of nodes that work directly together to validate transactions, to combat counterfeit products and to create a secure tracking system. It aims to track goods, such as cosmetics and pharmaceuticals, as they travel from the beginning of supply chains, where raw materials are used, to factories and finally to consumers.

Linfinity equips these products with cameras, scanners and GPS tracking devices to monitor the entire process. Details such as the names of the people managing the goods and the expiration dates of the products are documented on the blockchain and can not be modified, helping to create a transparent system, said Lian.

While some companies are already using blockchain technology to track supply chains, they mainly handle only one part and not the entire supply chain. This is where Linfinity could help bridge the gap, he added.

The company signed memorandum of understanding with six companies, including the Singapore Health Tradition health care company, RHTLaw TaylorWessing and the Crossinvest asset manager. Linfinity aims to help the scientific tradition and other companies to follow the movement of raw materials along their supply chains. Meanwhile, companies like RHTLawTaylorWessing will take on advisory roles.

With 60 employees, Linfinity has offices in Singapore, China and South Korea. It is also looking to expand into Japan and Taiwan. The company is mainly self-funded, although it has some early and institutional investors that Lian does not want to divulge. It has a market capitalization of around $ 440,000 based on its digital currency, the Linfinity token, which launched on the Chinese cryptic CoinEx exchange in July.

Linfinity's managing director, Anndy Lian, is trying to encourage more talk about blockchain technology.LinFinity

Linfinity is not the only company in Singapore to focus on supply chains based on blockchain. The Pacific International Lines shipping company, owned by billionaire Chang Yun Chung, is collaborating with the port operator PSA International and the technology giant IBM Singapore to track the cargo movement from Chongqing to Singapore on a supply chain platform based on blockchain.

While neighbors like China are bringing down cryptocurrency exchanges and events, Singapore has been cautiously receptive to virtual currency. "Cryptocurrencies are an experiment, and the number and different forms of cryptocurrencies grow internationally, and it's too early to say whether they will succeed," said Deputy Prime Minister Tharman Shanmugaratnam in a written response to the members' questions. of the parliament on the prohibition of trade of bitcoin or cryptocurrency, according to the local press.

The country has carefully observed the encrypted space. Last November, the Singapore Monetary Authority, its central bank and financial regulatory authority, published a guide to digital token offerings that provides information on how the laws of the country's securities apply to digital tokens.

He also tested blockchain technology through Project Ubin, a partnership with the New York R3 financial consortium, which aims to work on interbank payments.

In the private sector, a growing number of players are starting to join the Singapore blockchain industry. For example, the automotive data company Mass Vehicle Ledger (MVL) Foundation uses blockchain technology to record and increase people's access to car data in areas such as maneuvering, vehicle maintenance and car dealership.

MVL Tada's private hire service, Korean for "Let's ride", managed to get more than 10,000 customers on board before its launch on July 26th. Passengers and drivers can accumulate points that can be converted into MVL coins, the company-based Singapore cryptocurrency. These can be exchanged for prizes from MVL partner companies. The company raised about $ 16 million through an initial currency offered at the start of this year.

South Korea founder and CEO Kay Woo founded the parent company of MVL, location-based service company easi6, in 2012. Blockchain technology particularly benefits data driven sectors such as transportation, insurance and supply chain management, but it is not suitable for all companies, he says. "Even if you know the blockchain technology well, your business model may not be suitable for that – it's not magic or a simple solution, but it could be a big revolution."

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