After their panel on how blockchain technology is changing the world of finance and enterprise at Hong Kong FinTech Week 2019, Digital Asset cofounder and CEO Yuval Rooz and R3 CEO David Rutter answered follow-up questions.
Innovations in privacy-enhancing technology can address the challenges confronting enterprises from a regulatory, security and competitive perspective, writes Jonathan Rouach, CEO and cofounder of QEDIT.
As China’s digital currency is said to be “progressing smoothly,” Indonesia is also working on releasing their own white paper this year, according to Indonesian Blockchain Association cofounder Pandu Sastrowardoyo.
Indonesia is a country of 17,508 islands and 260 million people, including 171 million internet users. It’s a huge market, dominated by the digital economy that’s ripe for blockchain disruption.
Universities simply haven’t caught on to the need for blockchain education as they grapple with teaching other emerging technologies, such as big data or AI.
As protests continue to rock Hong Kong and China’s economy slows, concerns are rising about the Special Administrative Region’s future as Asia’s premier financial hub.
The Chinese government has identified blockchain technology development as an issue of national importance, along with other emerging technologies such as AI, deep learning and IoT. President Xi Jinping has outlined the importance of blockchain technology to China’s industrial maturity, urging continued development so China can lead the way in defining international standards.
Getting blockchain right is hard enough – not to mention building consortium, says Steve Cerveny, founder and CEO of Kaleido, a Consensys Enterprise Business that offers blockchain as a service.
Blockchain technology and digital assets have the potential to change the entire finance industry. These blockchain-powered payments networks enable cross-border payments to be hassle-free by having a standard set of technical specifications and standards – reducing confusion and ensuring that all members of the network have access to the same technology, says Ripple’s Navin Gupta.
The central bank’s digital currency efforts, ironically, would give it more control over the economy.