Blockchain has been a rising technology in the recently, presenting a whole new process for transactions. While it gains popularity in the market on one hand, there have also been debates on whether the technology is safe and worth using, provided the transaction channels that we already have now. It was thus a pleasure to have 4 guest speakers from the tip of the Blockchain and Bitcoin trend, to introduce more information on the technology and answering our queries.
Mr. Leonhard Weese, President of the Bitcoin Association of Hong Kong, presented the market capitalization growth and transaction volume increase in Bitcoin, showing that “Bitcoin is not a hypothetical technology, it grows at a rate faster than how the internet grew”. Mr. Weese felt excited at the fact that this new economy is developing, hence his association would put more effort in educating the public and stakeholders on this new technology.
Following the discussion on money transactions, Mr. George Harrap, CEO of Bitspark, also presented the advantages of using Blockchain in this aspect. Compared to traditional ways of transferring money, transferring with Blockchain omits the use of middlemen. This increases accuracy and efficiency, and significantly reduces transaction costs. On the other hand, he also talked about challenges of developing this technology in Asia, for example, lack of technical talent, regulations that stifle innovation, and more.
Having been most famous for its paired up usage with Bitcoin, Blockchain is less known for its other usages. Taking this into consideration, Mr. Larry Salibra, CEO of Pay4Bugs introduced the some non-financial usages of Blockchain, mainly his new software Blockstack. It uses the technology of Blockchain to give users a platform to share files and their information, somewhat like a social media site, proving that there can be other usages aside from money transactions.
Taking a different approach from the previous speakers, Mr. Pindar Wong, Chairman of VeriFi (Hong Kong) Ltd suggests the importance of developing “trust” in this field. He addresses the risks of this general-purpose technology, and encourages talents to contribute in combating the risks, as well as introducing the bSafe Network.
All speakers have given insights to participants on what Blockchain actually is, and are positive about the strengths of Blockchain, while addressing the challenges and risks that still have to be tackled.
↑Round-up of the event
↑Leonhard Weese, President of The Bitcoin Association of Hong Kong, shared about the key developments and major milestones of Bitcon.
↑George Harrap, CEO of Bitspark Limited, shared the current status of Blockchain technology, the benefits of Blockchain comparing to the current system and the challenges ahead.
↑Larry Salibra, CEO & Founder of Pay4Bugs, introduced Blockstack and its application, as well as the potential application of Blockstack.
↑Pindar Wong, Chairman of VeriFi (Hong Kong) Limited, talked about the challenges facing by Blockchain technology and some of the application in risk management.
↑Speakers had sparkling discussion revolving around Blockchain and future banking industry.
What’s DBSxCAL Talk?
“DBSxCAL Talk” is a series of whole new forum organised by CityU Apps Lab and sponsored by DBS Bank for the young talents and dynamic industry innovators to get connected and share their inventive project ideas. The slogan: “Connect, Inspire and Innovate” clearly indicates the spirit of inspiring and incubating innovation in our local community.
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