Reimagining Financial Services with Blockchain

(This article is also published in Computerworld Hong Kong on December 14, 2016)


Blockchain is finally getting the attention it deserves. From left to right: Sheila Lam (Computerworld Hong Kong), Larry Campbell (KPMG China), Bob Crozier (AIA Edge), and Ian Mitchell (IBM).

Often confused with bitcoin, a cryptocurrency based on blockchain technology, blockchain itself offers more promises than digital currency. It is also changing the fundamentals of finance.

Understanding the blockchain promise

Before blockchain, most technological advances improved or streamlined transactions and interactions. But they still follow traditional business rules and practices. For example, most companies keep their ledgers for protection against fraud and tampering.

Although well founded, it has traditionally made asset ownership and transfer inefficient. However, this solution worked in a world where trust was not a commodity.

Blockchain aims to change this; it makes trust a commodity leveraging cryptographic technology, transparency and business networks. It does this by encapsulating trust in a shared ledger that is transparent to every participant, and permanently recording all transactions in chronological order.

In a recent panel discussion organized by IBM, industry experts and observers noted that this makes blockchain a potential industry game changer.

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區塊鏈全球通行 賦予鑽石名份



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英國初創企業 Everledger 最近利用 IBM 針對區塊鏈開發的軟硬件技術,發展出一套分佈式鑽石身份記錄系統,為鑽石賦予全球性的「名份」。日後即使個別系統被攻陷,電子竊賊竄改鑽石記錄,其他系統都能察覺,防患未然,為鑽石以至未來其他奢侈品,例如名畫等,提供前所未有的安全保障。

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