Linfinity: A Blockchain Enabler Makes Blockchain Useful for SMEs

Linfinity organised a roundtable conference themed “Explore the Future of Blockchain Technology” in Singapore. The roundtable gathered industry leaders and entrepreneurs across different sectors to discuss on the topic that how Blockchain technology can empower SMEs. Teo Ser Luck, a former minister of state in Singapore and now the chairman of Nufin Data, was also invited as special guest.

SMEs: A Huge Market

Linfinity CEO Anndy Lian hosted the roundtable discussion. “In Singapore, 99% of the Enterprises are SMEs, contributing 49% of nominal value aded. For supply chain industry, SMEs are also facing the pain points that traditional MNCs are trying to tackle, including the efficiency and transparency of goods and value transaction, which Blockchain solutions can step into.” Anndy said, “This is a huge market, which we all can’t afford to lose.”

Source from: Department of Statistics Singapore

The Singapore-based fashion brands and marketplaces presented during the discussions—Pinc, Lovefreya.co, and Feso Asia—expressed that they want to know how Blockchain can help local designer brands. A persistent problem that they have been facing is having their designs copied, and they hope Blockchain can help mitigate profit losses from this problem.

Earlier on during Blockspace Asia, Linfinity signed Memorandums of Understanding (MOUs) with Pinc, Lovefreya.co, and Feso Asia. Linfinity, a pioneer in using Blockchain in supply chain management, will provide these three companies with technological support in supply chain management using Blockchain-based solutions.

SMEs: The First Beneficiaries from Blockchain

“There is no doubt that Blockchain is bringing new energy into traditional industry, and it will be revolutionary. But its value depends on how we use it.”  Mr. Teo said during the discussion. “The flexibility and great adaptability will make SMEs one of the first beneficiaries from Blockchain.”

Mr. Teo shared his experience on how he helped start-ups and small and medium-sized enterprises (SMEs) while at the Ministry of Manpower (MOM) and as minister of state for trade and industry. Since stepping down as minister of state for manpower, Mr. Teo has been involved in several ventures ranging from education and sports to fintech.

“It is necessary for SMEs to look at the current trends of their industry and have a sense of where it is going in the future. There is always an urgent need for innovation, and when it comes, we should grasp it and see how it can restructure the business models and fill in the gaps.”

This roundtable also invited guests from Quest Ventures, Blockvital, BlockConnectors and Sharechain to share their insights on how the Blockchain technologies can empower SMEs in the region. Mr. Bill Teng, Chairman of Ping An Securities also highlighted the fact that if we explore Blockchain thoroughly with SMEs, SMEs will most likely to benefit a lot and it will surely help in their business productivity and efficiency.

 

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Blockchain Cannot be Developed behind Closed Doors

To change the real world, blockchain companies need to step out of blockchain world.

The blockchain industry does not lack hype, for sure. New blockchain companies seem to spruce up every single day. Initial Coin Offerings (ICOs) raised more money in the first three months of 2018 than the whole of 2017, according to data collected by CoinDesk.

However, blockchain is still a distance away from mass adoption. The technology remains in a nascent stage and has not impacted people around the world yet, which has led many to question whether the world can really be transformed by blockchain.

Linfinity CEO Anndy Lian believes that in order to speed up the tapping of blockchain’s potential, blockchain companies need to proactively try to merge their technologies with traditional businesses and industries, especially those that are less digitalised at the moment.

He said, “The appearance of blockchain provided traditional industries with unlimited heights of imagination. However, there are many problems that blockchain needs to overcome first.

“It cannot work behind closed doors, as its first-priority role should be a technological service that is integrated with traditional industries. In this process, blockchain technology can continually be upgraded.”

A wider audience

Integrating blockchain with traditional businesses and industries will, most importantly, let it reach a wider audience.

The value of the blockchain market is estimated to be USD 550 million this year. While the size of the industry is rapidly increasing, it is hardly comparable to already established industries.

For example, Linfinity aims to provide blockchain-based solutions for the supply chain to make the supply chain industry more transparent and secure. The global supply chain management market size is worth around USD 14 billion now, making it 25 times as large as the entire blockchain market.

Hence, when Linfinity integrates blockchain into supply chain management, it opens up blockchain to a whole new paradigm of possibilities and business use-cases. By combining blockchain effectively with pre-existing technologies to help traditional businesses, it brings blockchain directly to the masses, rather than having blockchain stay within specific circles.

The blockchain process of transacting and storing information on a decentralised, distributed ledger yields many benefits for enterprise application data. That makes supply chain management a good use case—a consortium of stakeholders in a supply chain can own, operate and enforce rules for their own shared blockchain.

Combine with other technologies

Blockchain itself should be used sparingly, where it is needed. The ample cryptography which blockchains employ also make them slow. That provides another reason to reconsider off-chain processing and storage alternatives.

In order to maximise its effectiveness and applicability to enterprise scenarios, it needs to be used together with other pre-existing great technologies.

Lian said, “Making blockchain more widespread requires a process. Simply relying on the technology itself is unproductive.”

“Linfinity combines blockchain with Artificial Intelligence and the Internet of Things (IoT). We also focus on the demands of businesses and consumers, so we can speed up the commercialisation of blockchain.”

Besides, having data from the supply chain recorded onto blockchain, Linfinity plans to use other technologies, such as Artificial Intelligence, to conduct real time analysis and to magnify the value of supply chain data.

It will then be able to provide innovative value-add services such as smart energy monitoring, smart sales monitoring, and predictive maintenance.

For blockchain world to expand its reach to the wider world, blockchain companies need to proactively step out. Having access to wider markets and amplifying blockchain’s effectiveness aside, that is the only way blockchain can truly enhance the world.

 

 

 

 

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Blockchain Commercialization: Business Should Take the Leading Position

The FINWISE Hong Kong Summit was held at the L’ hotel Nina et Convention Centre,Hong Kong from 10th to 11th. Linfinity CEO Anndy Lian was invited to attend the summit and delivered a keynote speech.

“The emergence of blockchain has provided unlimited imagination for many traditional industries, but for now, there are still lots of problems to be solved in this field.” Anndy said in his speech, “The true value of blockchain technology, first of all, should be used as a service, implanted into the traditional industry, and constantly improved in the integration with the traditional industry.”

“This requires a process, but simply relying on blockchain is not enough. In terms of anti-counterfeiting solution in the supply chain industry, we also need to work with Artificial Intelligence (AI) and Internet of Things (IoT), and the business appeals of company and consumer also need to be considered thoroughly. To accelerate the commercialization of blockchain technology, business should take the leading position.”

Recently, Linfinity held a Roundtable discussion in Hong Kong, inviting industry leaders, including the chairmen of the Hong Kong Shippers’ Council (HKSC) and the Hong Kong Association of Freight Forwarding and Logistics Ltd (HAFFA), to share their insights on the commercialization of blockchain technology. At this moment, Linfinity has reached consensus with a number of Hong Kong companies on blockchain technology cooperation and started its footprint in Hong Kong.

 

 

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Linfinity Advances Blockchain Commercialisation With Hong Kong Industry

Linfinity organised a roundtable conference themed “Explore the Future of Blockchain Technology” at the W Hotel in Hong Kong. Notable industry leaders were invited to share their insights on the commercialisation of blockchain technology, including the chairmen of the Hong Kong Shippers’ Council (HKSC) and the Hong Kong Association of Freight Forwarding and Logistics Ltd (HAFFA).

 

The roundtable is hosted by Linfinity CEO Anndy Lian. He said, “Right now, industry insiders are beginning to understand the concept of blockchain and shifting their focus to its commercial applications. More companies are seriously considering it and starting to conduct pilot tests. The value of blockchain to traditional businesses is heavily reliant on how these businesses and industries embrace this technology. As of now, the most direct way of applying blockchain to real life scenarios is to implant it into supply chains and speed up its integration with traditional businesses.”

 

Bringing information onto the chain to speed up product circulation

Hong Kong is a global air cargo hub. Due to a mix of unique geographical and political factors, it has stayed at the top of air cargo rankings for 18 years consecutively. In 2017, it handled over 5 million metric tons of cargo, becoming the first airport to achieve that within a year. HAFFA chairman Brian Wu said, “As the volume of trade increases, traditional methods of transporting freight are unable to accommodate growing needs anymore. We need to develop a more effective method quickly. Unquestionably, blockchain technology will be revolutionary for the logistics industry. Besides increasing the speed, it greatly decreases administrative and labour costs. We are excited about how it is going to value-add to the industry.”

 

Responsibility tracking to protect all parties’ rights

One of the main predicaments that the logistics industry has been facing is the asymmetry of information. Responsibility tracking has hence emerged as an important way to make the supply chain more transparent. HKSC chairman Sunny Ho said, “We have deeply experienced the pain of the lack of transparency in the supply chain. A lot of time and money are spent to resolve legal disputes. HKSC’s aim is to protect shippers’ rights in logistics processes. We look forward to the role blockchain can play in the supply chain, as it will help us greatly in tracking information and protecting the rights of all parties.”

 

Logistics is an essential aspect of the supply chain. By combining Cloud TQM (Total Quality Management) and blockchain technology, Linfinity has built quality control and digital certification platforms that bring logistics information onto the blockchain. Such a traceable, trustable system minimizes communication and risk control costs.

 

Increasing consumers’ confidence with anti-counterfeit tracking

As of February this year, the Hong Kong retail industry is estimated to be worth around 452 billion Hong Kong dollars. It is an increase of 29.8% since last year, establishing it as a record increase since 2010. “This is good news for retailers. But at the same time, we face more challenges, especially counterfeit products,” said Louis Lau from Hong Kong cosmetics chain Angel Beauty Bar.

 

He added, “Counterfeit products are a huge problem in the cosmetics industry. Existing anti-counterfeit technology is unable to fulfill market needs anymore. We have been looking for a new solution for the longest time, which is why we anticipate blockchain technology’s applications. I think it can potentially greatly resolve the counterfeit problem in cosmetics.”

 

 

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