Forkast.News Editor-in-Chief Angie Lau sits down with Joseph Lubin, Founder of ConsenSys; Yuval Rooz, Co-Founder & CEO of Digital Asset; and David Rutter, Founder & CEO of R3 to discuss how blockchain technology is changing the world of finance and enterprise. The panelists shared their experiences and insights at Hong Kong FinTech Week during the Blockchain for Finance event on November 6.
The use of distributed ledger technology to facilitate the tracking and verification of data has wide-ranging potential applications in the finance industry. Blockchain technology allows transactions and financial activities to be recorded without relying on human resources, which slashes costs and mitigates human error. It also enables suppliers, banks, manufacturers, and other financial players to find and share relevant information all on one immutable ledger.
Governments have started warming to the application of the technology in various industries, as demonstrated by Chinese President Xi Jinping’s announcement on October 24 supporting blockchain development.
See related article: President Xi Jinping Endorses Developing Blockchain Technology in China
South Korean Minister of Economy and Finance Hong Nam-ki also laid out plans to use blockchain to bolster the country’s finance sector. “We will build a digital trading platform that can be easily and conveniently used in all stages of export, such as contracts, customs and logistics,” said Hong in a press release on October 14.
The playing field has started maturing for financial organizations as support and regulation for the technology emerges from governments around the world.
Target markets and their end beneficiaries are evolving faster than ever according to a report by the International Chamber of Commerce in 2018, which states that the change is most evident in financial services and technology due to blockchain technology. “Blockchain is proving a secure, transparent and reliable alternative, and…