The diverse applications of blockchain technology are becoming increasingly relevant to a growing number of industries. Indeed, the implications for Asian economies were key takeaways at the recent CordaDay blockchain event held in Singapore.
According to David Rutter, CEO and founder of enterprise software firm R3, blockchain adoption has already been observed in industries such as insurance, healthcare, financial services, trade finance, and supply chain management.
As discussed by Brink Asia, regulators in Singapore have been especially proactive in supporting the technology throughout various sectors, where its implementation has been instrumental in addressing shortcomings in many areas.
The city-state’s reliance on trade makes it an ideal environment for exploring blockchain applicability. Considerable involvement from banks, freighters and traders, and customs and port authorities operating in a highly fragmented network have often resulted in a slow and inefficient process.
Blockchain provides a way of streamlining that process by reducing the risk of duplication and fraud, while also improving operational efficiency. Additionally, with more data available on participating parties, companies can secure working capital at better rates, while financial institutions can make more accurate credit assessments.
The full potential of blockchain can only be unlocked through consolidation across industry sectors and countries. It requires stakeholders to drive adoption similar to the way Singapore drives initiatives focusing on digitization, using blockchain to enhance the transfer of trusted information.
Although optimism for the potential advantages of blockchain has been growing, it is important for industries and industry players to help ensure the validity of said optimism by appropriately applying the technology to bring about meaningful economic and social transformations.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
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