[ad_1]
Recently, a group of some of the most promising entrepreneurs in Asia met in Singapore to learn more about technology and its potential use cases for their businesses.
Despite the massive decline of Bitcoin over the last month, the interest in blockchain technology is still going strong and some of the brightest minds in the business world still see great potential in its adoption.
The group of some of the richest Asians are trying to join people like JPMorgan, Bank of America, WalMart, Apple and other major companies that explore the blockchain space.
The invitation-only event, sponsored by Forbes Asia, "Decipher Blockchain For Business", They presented young and old participants from all over the continent, eager to learn more about technology.
Supply chain management A speaker, Anderson Tanoto, director of the $ 18 billion Royal Golden Eagle production conglomerate (RGE), explained the benefits of using blockchain technology in supply chain management.
The RGE, for its part, aims to shift the supply chain of palm oil to a blockchain, citing greater safety, efficiency and transparency. Although RGE is leading this position, the company is part of a larger consortium, the Sustainability Assurance & Innovation Alliance, which together controls over half of the world's palm oil and plan supply following the same cause.
"There are two herds of people in blockchain, those who want to get rich with cryptography and those who want to change the world with blockchain, I would like to join the second group," Tanoto explained.
Smart Cities
Although the main focus of the conference was on business applications, one speaker took advantage of the benefits for governments that embrace the new technology.
Janil Puthucheary, Singapore's senior minister of state at the ministry of communications and information and the ministry of transport, is a driving force behind the Singapore Smart City initiative and believes that blockchain technology is a key tool for transforming this idea actually.
Related: this indicator suggests a recession could be profiling
Puthucheary noted several sectors, in particular, benefiting from the adoption of the blockchain, including health, transport and finance. In addition, Puthucheary highlighted specific safety advantages that blockchain technology brings to the table.
He went on to say that the country's cyber security experts were collaborating with government organizations to explore the benefits of technology to track resources and reduce "human error".
"Blockchain is not inherently safe, alone," Puthucheary said, adding "No tech is, but it has some properties that could guarantee a higher degree of titles with few resources".
Big Blockchain
With the blockchain technology that is finally maturing, it is clear that Big Business is taking note.
Related: Russia "will respond appropriately" if the United States block nuclear agreement
Large companies already use working blockchains to improve supply chains, regulate contracts and improve the efficiency of financial transactions.
BBVA, one of the most influential financial institutions in the world, has been at the forefront of pushing the financial world, reaching a point of reference after points of reference in its applications. From loans to companies to international payments, BBVA has traced a path to blockchain technology in Big Finance.
Big Oil is join the race, also. More recently, BP and Shell, two of the world's "Supermajors", have officially launched a brand new blockchain platform with Vakt Global based on JPMorgan's Quorum Blockchain. The platform aims to replace old paper-based contracts and automate some of the most tedious processes in contract regulation and oil trading.
By Michael Kern via Crypto Insider
More better readings from Safehaven.com
