Blockchain is much more than just hype over bitcoin and cryptocurrency – decision makers in various industries have a real interest in the topic. To delve deeper into the application and potential for distributed ledger technology, Linfinity has held multiple roundtable discussions where leaders from a diverse range of industries from finance and investments, to hospitality and real estate, came together to provide industry insights. Amid the discussion, it was clear that blockchain has potential to transform various industries. Below are the highlights of the roundtable discussions.
How Blockchain Will Disrupt Everything
The participants largely agreed that the adoption of blockchain was a question of not if, but when. As aptly put by roundtable attendee, Elaine Chia, Bank of Singapore’s Associate Director – “blockchain and cryptocurrency is a tsunami you cannot stop”. Participants brought up examples of how blockchain could potentially disrupt everyday scenarios: from search engines, to food security, to luxury goods. Had blockchain existed earlier, the milk powder scare of 2008 could have been largely avoided. By validating products on blockchain through adopting transparency and credibility, consumers can be more aware of the origins and expiry dates of pharmaceuticals and food products. In the luxury industry, fashion goods can also be authenticated on the blockchain system. Even fisheries can benefit from hosting information on blockchain to prove their sustainability measures, value adding to their consumers.
Blockchain: Boon or Bane?
The benefits of blockchain were agreed to go beyond encouraging transparency and traceability, as blockchain has the potential to boost efficiency. Participants in the banking and finance sectors stated during the roundtable discussions that blockchain technology should be adopted in its processes. It was mentioned that longstanding banks have strong views that technology can undoubtedly improve efficiency and there’s a massive amount of untapped potential to transform the way banks work.
Real estate consultant from Seed Global Investment, Edward Tan, shared with other roundtable participants that blockchain is a commonly discussed topic due to the nature of the industry where funds are frequently moved and a large amount of transactions happen on a daily basis. This creates an urgent need to implement blockchain technology.
Regardless of the background of participants, one thing was for certain: blockchain has the potential to improve systems everywhere. This is why Linfinity has embarked on the total supply chain wave, to provide businesses with a solution to improve transparency and efficiency. By implementing anti-counterfeit measures, traceability technology can strengthen processes.
ICOs: Are they Legitimate?
Despite the excitement and potential of blockchain, participants agreed that dubious ICOs are a possible explanation for the hesitancy and scepticism in blockchain adoption. Recently, ICO scams have been dominating headlines for scamming investors of millions. Often, these companies simply develop and market an attractive landing page or video in order to raise quick funds for their company.
In a recent Bloomberg Article, Lee Boon Ngiap, Assistant Managing Director of Capital Markets at the Monetary Authority of Singapore (MAS), said that the number of digital token exchanges and ICOs in Singapore has been on the rise. She continued that there is no need “to restrict them if they are bona fide businesses…but if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.” To avoid these scams, investors should study white papers with a discerning eye before committing to an investment. Due to the hot topic of ICOs often being a swindle, Linfinity is not heading towards the direction of an ICO. Instead it relies on the token model in order to incentivise businesses and end consumers.
Introducing Practical Applications of Blockchain Technology
Moving blockchain technology from a concept to reality, Linfinity has sought out strategic collaborations with companies to build a more trustworthy and traceable supple chain, based on their blockchain system.
To date, Linfinity has signed Memorandum of Understandings (MOUs) in Singapore and Taiwan, with more upcoming in the region. The Singapore MOUs marked the start of partnerships between Linfinity and six companies across various industries – Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia. These partnerships span different industries from finance and legal to logistics and FMCG, and will see Linfinity’s implementation of blockchain technology improving the efficiency and transparency of supply chains.
In Taiwan, Linfinity and the Alishan Group signed a strategic cooperation agreement. Under this agreement, Linfinity will create a counterfeit traceability system for all players within the Alishan Group from manufacturers to consumers, as well as prevent counterfeit goods from circulating on the supply chain by using the first-ever dynamic game mechanism.
Anticipating Government Challenges and Regulations
As blockchain remains relatively new and unprecedented, companies must anticipate government challenges and regulations moving forward. Participants pointed out that the decentralized nature of blockchain leaves it resistant to government intervention, in the sense that governments cannot simply ban the access to blockchain altogether unlike Facebook in China.
Even so, companies interested in blockchain are still preempting what governments might do when they start to regulate blockchain. While the Singaporean government is in the midst of fine-tuning its registration processes and taxation, companies can rest assured that Singapore would embrace technological advancement, rather than cut away from it. In TechINAsia’s recent article, Bobby Ong, co-founder of CoinGecko, one of the largest cryptocurrency data websites, recently shared that regulations set up by Singapore are steps in the right direction, as “clear laws and guidelines by regulators are always welcomed by blockchain startups to ensure that the work that they are doing complies with regulations. It also helps blockchain companies with getting bank accounts.”
Linfinity Talk in Seoul, Korea, on 9th June on overview of blockchain technology with 180 attendees
In a bid to raise awareness and educate the mass public on blockchain and how it can benefit industries, Linfinity has made large strides beyond Singapore. The firm is establishing Linfinity Talks, the company’s self-contained global roadshow platform that demonstrates blockchain projects, as well as connect with like-minded businesses to further explore blockchain technology. Hosted by CEO of Linfinity, Mr Anndy Lian, he will share about blockchain technology and the importance of building a trusted and traceable anti-counterfeiting supply chain.
Targeting a regional audience, Linfinity has made its first stop in Seoul, Korea, where they were joined by CodePress – an out-of-the-box decentralized digital content distribution solution, aimed at helping content producers to quickly build their own content distribution networks.
Following its first successful event in Korea, the next Linfinity Talk will be held in Japan on 1st July 2018, Sunday. Subsequently, Linfinity will be involved in the ‘Asia Digital Asset and Blockchain Congress’ also held in Tokyo, Japan on the 2nd July 2018. Mr Anndy Lian be a Keynote Speaker at the event.
He will then be travelling to Taipei to be a panellist at the 2018 Asia Blockchain Summit on 3rd July.
Aside from Japan and Taiwan, Linfinity has plans for more upcoming talks spread across the globe for the next three months – spanning from Singapore, London to Vietnam and Hong Kong. The possibilities of transforming supply chains across different industries is exciting – as the demand for trustworthy and reliable data increases. Mr Anndy Lian is open to discussions should there be interest in collaborations with Linfinity to apply their blockchain system to existing organisations and/or supply chains. You can reach him at email@example.com.
For more information on Linfinity, please refer to: https://www.linfinity.io/
The blockchain scene continues to explode and move in a rapid manner throughout the world. Next stop for Linfinity will be Japan.
Linfinity talk is making its way to Tokyo on 1 July 2018. This time round we will bring along two other companies along. They are:
- Befund- A decentralized cryptocurrency fund service platform.
- QBao Network- A multi functional cross chain cryto wallet with crytocurrency exchange, digital asset management, online & offline paymenty system, instant message and a Dapp store.
Do join us if you are in town. Our Linfinity CEO, Mr Anndy Lian will be speaking to all of you again, providing updates and insights on what Linfinity has done.
As a reliable distributed business platform based on Blockchain, Internet of Things, and Big Data technology, Linfinity establishes such a platform with reliable data, transparent information, efficient cooperation and interconnected network to cope with the practical business pain points and development demand of corporate users.
Today, one major problem is that a transparent overview of a supply chain’s network is challenging to achieve, leading to difficulty in ensuring the quality and integrity of raw materials and products along supply chains. The longer and more complex a supply chain is, the greater the chance of friction costs, data costs, lack of accountability, negligence, and even counterfeiting as well as fraud. More generally, today’s global supply chains are slow and inefficient, involving undesirable nontransparency in each process and as a result baffling corporate users at various points in a supply chain.
With the revolution of the blockchain technology and experience of Linfinity R&D and product implementation teams’ service experience for both domestic and international Fortune 500 enterprises distributing in the industries of food, tobacco, clothing, medicine and so on, Linfinity aims to solve these current problems and will continue to iterate and update the current informatization solutions to expand to more industries and cross-industry customers based upon the practical experience, such as consultation service and informatization solution R&D and implementation. In the meanwhile, we will develop more brand-new interest allocation models under the secure and reliable new cooperation models by improving business ecosystems combined with our LFT token, correctly aligning the incentives for all participants involved in the system. As a result, this will benefit all suppliers, manufacturers, and logistics service providers on the upstream and terminal retail channels, promoting transparency, automatic settlement, and overall efficiency of Linfinity’s supply chain ecosystem.
[This article is translated from the Asia Business Daily Reporter -Li Minyu]
From the original point of raw material production to waste utilization, install all supply chains around the world on blockchain.
Recently, Linfinity CEO Anndy Lian has accepted an exclusive interview with the Asia Business Daily in Seoul, South Korea. He said that Linfinity is promoting the use of blockchain, Internet of Things and big data to reshape supply chain ecology. Since all users participating in the internet are able to compare and verify by sharing information, the possible existence of fakes has reached an unprecedentedly low level. Linfinity is to use this feature to build a transparent supply chain ecosystem.
At present, more and more companies are actively applying blockchain technology to logistics, transportation and other industries. Maersk Group, the world’s largest shipping company, and IBM, established a partnership in January of this year to jointly create a blockchain maritime logistics system.The UAE’s Abu Dhabi Gulf Commune (ADP) has introduced the blockchain logistics system earlier this month. However, Linfinity is conceiving a much larger blueprint by linking the Internet of Things, big data and blockchain, Linfinity will make the whole process of circulation, supply, and recycling transparent from the point of raw materials to the stage of waste utilization. Anndy also mentioned that “Just like the pharmaceutical industry, no matter how strict the management process is for logistics from the production room to the storage warehouse, there are still frauds in the delivery of drugs to consumers. This is the truth.” He emphasized that “On Linfinity platform, the process from buying a plastic bottle to the recycle will become transparent and visualized.”
Since Linfinity was set up last year, they have signed MOU withTaiwan’s tobacco brand Alishan and other companies from China, Singapore and Malaysia to explore blockchain technology. It is expected that as early as August 2018, Linfinity will achieve phased results and build a truly blockchain project.
(LINFINITY reached a cooperation agreement with a number of international companies in Singapore)
(LINFINITY and Alishan Group reached a cooperation agreement)
Unlike other general blockchain projects, Linfinity is not going to do ICO, Anndy said:“Linfinity has never and will not carry out any financing involving ICO in the past, present and future. We are committed to building a sustainable community ecosystem that allow users to find value by themselves on the platform.”
This sense of confidence comes from the technical power of members behind Anndy and their huge industry resources. Anndy has over 15 years of experience as a professional consultant in Asia. He has been active in various fields such as Singapore Institute of International Studies, Singapore Business Federation and other government agencies and international corporations, non-profit organizations, etc.
Currently, Linfinity is actively exploring the Korean market and will soon reach cooperation with many companies in the logistics, cosmetics and communications industries. In addition, Linfinity is also discussing the implementation of Linfinity platform with more than 20 companies. Anndy said: “Korea is one of the most enthusiastic countries to understand and embrace blockchain implementation . Korea is also friendly to new technologies and this will help Linfinity expand the Korean market further.
[About the Asia Business Daily: The Asia Business Daily is one of the leading newspapers in Korea. It is distributed on Korean Air and Asiana Airlines. It is also the only Korean mainstream media that has a “digital currency” section.]