Feasibilities Study of Blockchain Ecosystem in Asia Region
Feasibilities Study of
in Asia Region
BY EFFENDY ZULKIFLY
CEO, BLOCKCHAIN ACADEMY ASIA
CO-FOUNDER, CRYPTO VALLEY MALAYSIA
1. My Involvement In Blockchain World
2. Government & Corporate Issues
3. Asia Blockchain Ecosystem
4. Malaysia Blockchain Ecosystem
5. Blockchain Use Cases
6. Challenges & Limitations
7. What’s Next!
• Blockchain embodies the new business value of “trust.”
• IT infrastructure readiness will make or break the future of blockchain
• Collaboration is the basis for blockchain innovation.
• Go slow before you get fast (3 A – Awareness, Adoption & Acceptance).
• A flexible strategy will help overcome security, privacy, scalability and
OCBC Bank is the first Southeast Asian Bank to use a
payment blockchain solution to make local and cross-border interbank
fund transfers between itself and its subsidiaries.
The Hong Kong Monetary Authority and the Monetary
Authority of Singapore plan to launch a project using distributed
ledger technology for trade finance cross-border infrastructure.
The Australian Securities Exchange is considering the use of a
distributed ledger platform to upgrade its settlement system.
BOC Hong Kong (Holdings) Ltd. is planning to use the
technology to improve the efficiency of processing mortgages.
BANKING ECOSYSTEM & BLOCKCHAIN
Saudi Arabia’s Islamic
Development Bank plans to
use blockchain technology to develop
Shariacompliant products, aiming to
support financial inclusion efforts across
its member countries.
The Monetary Authority of
Singapore has completed a proof-
of-concept trial that uses distributed
ledger technology to power domestic
interbank payments, proving that early
adoption is possible in areas with
relatively modest technical, legal and
Japan’s megabanks and
SBI Holdings are backing
initiatives on blockchain
technology and applications in the
areas of digital currency,
infrastructure, payment and
With TRESCON GLOBAL in World Blockchain Summit 2017
My Blockchain R&D Journey
R&D Journey :
My involvement in Worldwide FinTech &
(Year 2016 & 2017)
North American Bitcoin
Keynote World Blockchain
Forum, Burj Al Dubai, March
iFX Expo Asia
HK, Feb 2017
10th China Forex Expo
Shenzen China, Oct 2016
Festival, Nov 2016
Blockchain in the Public Sector
Potential Use Cases
Use Case Description
Identity Establishing and maintaining identities for citizens and residents (birth
certificates, marriage licenses, visas, death records).
Personal records Interoperable health records, insurance records, etc.
Land title registry Details and historic records related to real estate and property transactions.
Supply chain management,
Tracking an asset from its creation, transportation, purchase, and
Benefits, entitlements, and aid Social security, medical benefits payments, domestic and international aid.
Anticipatory/automated payments could be automated through Smart
Contract and vendor management Tracking and paying vendors, managing purchase commitments and
transactions, and monitoring schedule performance. Can allow for perfect
transparency of government expenditures.
Voting Enabling new methods of digital voting, ensuring eligibility, accurate
counting, and auditing (e.g., to avoid ballot-rigging).
Streamlining interagency processes Blockchains and smart contracts can automate transaction handling and
improve information sharing – allows each agency to better focus on their
own mission and tech without as much need to consider others tech.
Blockchain in the Public Sector
Project Ubin (Singapore)
The Monetary Authority of Singapore (MAS) conducted a study that found that Inter-bank payments within Singapore
and cross-border financial transactions were inefficient and slow.
MAS partnered with R3– a consortium of banks and regulators to create a prototype for a Blockchain-based digital
Singaporean dollar to facilitate digital transactions. This would allow for incorruptibility of records through a
decentralised trust system, but also 24 hour processing with no centralised – i.e. human-based – checks required. The
partnership has successfully developed software prototypes of three different models for decentralised inter-bank
payment that are now being explored. MAS has published the source code as open source software on GitHub.
Blockchain in the Public Sector
Challenges & Limitations
Blockchain is not a cure-all
A Blockchain is an add-only list. Once data is
added, it can’t be removed. Perhaps not a good
fit when updating/deleting data is a regular
Databases are often used to store large
amounts of data (images, docs, apps, etc.).
However, Blockchain is designed for small
pockets of data. If data storage is needed,
Blockchain may not be a good fit, or a hybrid
solution may ne needed.
TALKING ABOUT BLOCKCHAIN
The act of explaining blockchain to public
officials and civil servants is difficult. De-linking
blockchain from Bitcoin and discussing how it
can improve efficiency and strengthen mission
effectiveness can help.
Higher short-term costs associated with a still-
emerging technology prevent its widespread use.
Blockchain-as-a-service products are starting to be
offered that can allow for experimentation.
People often flag issues such as energy consumption
and scalability as Blockchain blockers. However,
many of these are irrelevant to government Blockchain
implementations (i.e., only apply to Proof of Work
consensus on permissionless/pubic blockchains).
CODING & GOVERNANCE MODELS
Blockchains are known for eliminating the need for central
authority, but this is not entirely true. They must be coded
and governed by those entrusted with key roles.
Governments must build a technical knowledge base to
ensure these decisions are made well (even if the actual
coding is outsourced).
A few things that will need to come first:
1. Harmonized frameworks,
2. Education within industries,
3. Collaboration across industries,
4. Proving more the public benefits.
Trainings and Courses
1. Blockchain 101 : Certificate of Blockchain Fundamentals
2. Blockchain 101 : Crypto Digital Asset Workshop
3. Blockchain Developers Hackathon
4. Smart Contracts Workshop
5. Ethereum: Zero to DAPP Workshop
1. Basic Blockchain Foundations
2. Blockchain Intensive I: Blockchain & Bitcoin
3. Blockchain Intensive II: The Financial Sector
4. Blockchain Intensive III: The Industry
5. The Crypto Trading & Mining Course
BLOCKCHAIN 101 : MODULES STRUCTURE
Business Track IT Track
1) CERTIFICATE OF BLOCKCHAIN FUNDAMENTALS (2 DAYS)
3) CERTIFICATE OF BLOCKCHAIN
ADVANCED / EXPERT (4 DAYS)
2) CERTIFICATE OF BLOCKCHAIN
INTERMEDIATE (4 DAYS)
4) USE CASE PAPERWORK SUBMISSION (2 MONTHS)
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