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Feasibilities Study of Blockchain Ecosystem in Asia Region

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Feasibilities Study of Blockchain Ecosystem in Asia Region

  1. 1. Feasibilities Study of Blockchain Ecosystem in Asia Region BY EFFENDY ZULKIFLY CEO, BLOCKCHAIN ACADEMY ASIA CO-FOUNDER, CRYPTO VALLEY MALAYSIA
  2. 2. CONTENTS 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! 8. Conclusion
  3. 3. SUMMARY (Key Findings) • 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 interoperability challenges.
  4. 4. BANKING ECOSYSTEM & BLOCKCHAIN ADOPTIOn 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.
  5. 5. BANKING ECOSYSTEM & BLOCKCHAIN ADOPTION 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 regulatory demands. Japan’s megabanks and SBI Holdings are backing initiatives on blockchain technology and applications in the areas of digital currency, infrastructure, payment and transactions.27
  6. 6. With TRESCON GLOBAL in World Blockchain Summit 2017
  7. 7. My Blockchain R&D Journey R&D Journey : My involvement in Worldwide FinTech & Blockchain Events (Year 2016 & 2017) North American Bitcoin Conference, Miami, Jan 2016 Keynote World Blockchain Forum, Burj Al Dubai, March 2017 iFX Expo Asia Bitcoin Conference, HK, Feb 2017 10th China Forex Expo Shenzen China, Oct 2016 Keynote Blockchain Forum, Brussels, Nov 2016 Money, Blockchain Conference, London, Nov 2016 Singapore Fintech Festival, Nov 2016
  8. 8. [ BLOCKCHAIN POTENTIAL APPLICATIONS]
  9. 9. Asia Blockchain Ecosystem
  10. 10. • Blockchain is enabler for other hig tech such as IOT, Machine Learning, AI • 100 Million users of Blockchain worldwide
  11. 11. • The value of transaction or cryptonomics will be 53rd wealthiest nation
  12. 12. Regulatory Issues & Corporate Governance
  13. 13. The role of regulation and regulatory frameworks
  14. 14. Crypto Forensic Analytics
  15. 15. Government Related Initiatives
  16. 16. Blockchain in the Public Sector One year ago: 117 Initiatives in 26 Countries Source: Deloitte analysis in conjunction with the Fletcher School at Tufts University (March 2017)
  17. 17. Blockchain in the Public Sector Now: 202 Blockchain Initiatives in 45 Countries Source: OECD analysis of data collected by The Illinois Blockchain Initiative (March 2018)
  18. 18. Where Government can adopt Blockchain Technology?
  19. 19. Blockchain Use Cases
  20. 20. 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, inventorying Tracking an asset from its creation, transportation, purchase, and inventorying. Benefits, entitlements, and aid Social security, medical benefits payments, domestic and international aid. Anticipatory/automated payments could be automated through Smart Contracts. 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.
  21. 21. Blockchain in the Public Sector Project Ubin (Singapore) Problem: 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. Solution: 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.
  22. 22. Malaysia Blockchain Ecosystem
  23. 23. USE CASES IN MALAYSIA
  24. 24. CHALLENGES & LIMITATIONS
  25. 25. Blockchain in the Public Sector Challenges & Limitations Blockchain is not a cure-all 0 1 IMMUTABILITY 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 occurrence. 0 2 DATA STORAGE 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. 0 3 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. 0 4 COSTS 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. 0 5 BLOCKERS 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). 0 6 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).
  26. 26. WHAT’S NEXT? 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.
  27. 27. Trainings and Courses Offline 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 Online Courses 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
  28. 28. 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)
  29. 29. Precious Moments
  30. 30. With VVIP in Blockchain Ecosystem

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