LINFINITY Roundtable Discussion in Bangkok

“The success of blockchain commercialisation requires multi-party cooperation, and we need more innovations, ideas and insights to make this happen.” Anndy Lian, CEO of LINFINITY, said in LINFINITY’s roundtable discussion in Bangkok, together with a number of notable executives from multinational corporations, monetary funds and federations, such as Panasonic, Asian Productivity Organization (APO), Management System Certification Institute (Thailand) (MASCI), SANYO, Ccare and Big Communication.

Source from: https://www.youtube.com/watch?v=TvNiuI84QS4

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LINFINITY曼谷圆桌会议:推动区块链技术创新 助力跨国企业发展

(LINFINITY曼谷圆桌会议)

 “区块链的商业化需要多方合作,我们需要更多的创新、想法和远见来加速它的实现”——LINFINITY CEO Anndy Lian

LINFINITY在泰国曼谷举办了主题为“Effectively Embrace the Blockchain Technology with Traditional Business ”的圆桌会议。会议由LINFINITY CEO Anndy Lian主持,与会聚集了多个行业领导者和企业家,其中包括松下、亚洲生产力组织、Management System Certification Institute、三洋、Ccare、Big Communication等多家跨国公司、国际组织的高管,对区块链未来发展商业化趋势展开了一系列深度讨论。

(Anndy Lian与参会嘉宾合影)

    基于区块链的“信任生态”

Ccare是以生产具有维生素C和天然提取物概念的护肤产品的知名领先公司。该公司由皮肤医生和药剂师于1995年创立。会议中Ccare负责人 Supakchai Kiatanant先生表示了目前对于化妆品行业而言最大的痛点“假货横行”的焦虑,并希望通过区块链技术为他们的品牌服务。

Anndy指出:对于化妆品行业而言,从产品原材料的采集到生产再到门店终端,整个供应链要经历相当繁琐的环节。化妆品行业普遍的痛点是“假货横行”,这对品牌的建构是致命的。而使用去中心化的区块链技术,使供应链每个数据节点必须相互认证,以此可确保产品身份的正品属性。区块链分布式结构保证了数据难以被篡改,溯源性则保证了数据链之间的透明化。具体来说,区块链可以从以下两个个方面赋能零售商品的防伪溯源,并克服传统方式无法解决的痛点。

从源头抓起,建立“公共账本”。与传统防伪方式不同,区块链利用其特有的去中心化存储模式,摆脱对供应链中任何一个组织的依赖。所有上链的信息都公开记录在“公共账本”上,且数据不可篡改。

简单来说,商品从零件采购到生产加工一直到售后的每一个环节的所有信息数据都被真实且永久地记录在链,任何组织或个人都能追踪得到,近而可以解决信任问题。

全程实时追溯商品信息。本质上讲,溯源就是信息传递的过程,而其基础正是零售行业商品市场流程化生产与流通的模式。商品从原材料源产地出发,历经诸多工序生产加工出来,相对应的信息流也随时间地点的变化而更新记录。而区块链的技术刚好迎合这一特点:将数据生成区块,依托密码学算法防止篡改,加盖时间戳并将区块按照时间顺序连接成链,最终结果便是区块链内所有信息都可以做到实时追溯。此时,种种造假信息便无法进入区块链中,这将很好地遏制造假行为。

(Anndy向与会人士介绍LINFINITY的防伪溯源方案)

除此之外,这些上链信息基于区块链的本质特点,还具有一定的法律依据效力。8月份最我国高人民法院网发布《最高人民法院关于互联网法院审理案件若干问题的规定》,规定于2018年9月7日起施行,规定表示:当事人提交的电子数据,通过电子签名、可信时间戳、哈希值校验、区块链等证据收集、固定和防篡改的技术手段或者通过电子取证存证平台认证,能够证明其真实性的,互联网法院应当确认。这是我国首次以司法解释形式对可信时间戳及区块链等固证存证手段进行法律确认。这将是商家与消费者共建的“信任生态”,使产品形成品牌共识,为用户提供更优质的体验。

LINFINITY凭借领先的区块链技术和创新商业运营模式,开启试点项目,涉及烟草、医药保健、物流、信息、金融、法律等多个行业领域的公司,目前已取得阶段性成果。今年10月,LINFINITY成功帮助新加坡灵芝保健品企业Scientific Tradition完成信息上链,并正式交付企业版Dapp进行最后企业内部调试。

(LINFINITY CEO Anndy Lian 主持圆桌会议)

“区块链化”并不复杂

来自拥有近百年历史的Alsubeaei家族企业旗下的MASIC公司的可持续发展服务部高级副总裁Dr.Chavatip Chindavijak在讨论中提到:“区块链从诞生的第一天开始,就面临着毁誉参半的窘境,这一切都源于我们还未对区块链技术有一个清晰地认识,更不清楚从何处着手来正确使用区块链技术,发挥它的价值为企业服务。从原有的商业模式走向‘区块链化’将是一个相当复杂的过程。”

(MASIC可持续发展服务部高级副总裁Dr.Chavatip Chindavijak(中间))

Anndy Lian回应:“区块链化”并不复杂。由于区块链技术的去中心化和智能合约机制,企业并不需要将所有环节上链,可根据自身需求将信息打包上链。LINFINITY为协助企业用户在区块链的商业应用提供了两种模式:一种是如果对方目前没有自己的区块链,LINFINITY将指导企业用户将需求信息上链,直到企业可以独立运行,或者LINFINITY与企业合作一起构建区块链供应链生态;另一种是如果对方拥有自己的区块链,LINFINITY会将企业的链上信息嫁接到LINFINITY自己的区块链中来供对方更便捷的使用。通过以上两种模式可快速协助企业实现“区块链化”。

同时在回答Big Communication代表对于LINFINITY如何收费的提问中指出按月、使用次数或者合资模式的可能。

区块链商业化需要多方合作

亚洲生产力组织(APO)秘书长Dr.Santhi Kanoktanaporn:“区块链想要真正商业化普及,就必须要了解市场真正诉求。LINFINITY防伪溯源技术与商业逻辑,与APO寻找可以提高生产力新科技的需求点不谋而合。期待LINFINITY用新技术赋能生产力的发展。”

(亚洲生产力组织APO秘书长Dr.Santhi Kanoktanaporn(左))

在会议中 Anndy表示了对Panasonic松下名誉主席Dr. Sumit Champrasit与会的感谢。Panasonic一直致力于研发各种科技和方法,生产高质量的产品,达至节能和高效益,以科技改善人类的生活。

(Panasonic名誉主席Dr. Sumit Champrasit(左))

一花独放不是春,百花齐放春满园。在会议结束时Anndy表示:区块链商业化需要多方合作,LINFINITY正在积极与松下、亚洲生产力组织、Management System Certification Institute、三洋等更多的跨国大中小企业开展合作对话,将他们聚集起来并肩作战,共同利用区块链技术推动行业的发展。

 

 

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Interview by Vizaca: Anndy Lian, CEO Of Linfinity

Anndy Lian has directly performed in the field for more than 15 years. With his experience and the futuristic approach, he managed to perform in 360° as a business strategist. Including local, international organization and public listed companies, he managed to provide proficient advisory to a vast variety of industries. Before connecting to Linfinity, Anndy proudly served a non-profitable organization and quasi government-linked organizations.

Tell us about yourself?

Prior to Linfinity, I worked in not-for-profit and quasi-government linked organizations, and also the Deputy Director of the Singapore Institute of International Affairs (SIIA). I am an avid supporter of incubating start-ups and have investments in a few health-related companies. I have also been a private investor for the past eight years. A year and a half ago, I was working in medical treatment in Singapore. At a seminar with US pharmaceutical companies and drug research institutes, the issue of counterfeit drugs was taken seriously.

The result of the final multi-party discussion was that the latest blockchain technology may be the most possible to knock down counterfeit drugs. Then, I put the drug traceability in the important position of the entire “blockchain + supply chain” program and started my Linfinity blockchain tour in late 2017.

What makes your organization different than your competitors?

This year, blockchain technology has been combined with more traditional subdivision industries. Blockchain has begun to influence the market structure, with more companies focusing on business transformation. New ecosystems with smart contract technology will be integrated into existing industries and new business and regulatory models will emerge.

Compared with other peers, Linfinity has made it clear that it will not conduct any form of ICO since its inception. Our direction is very clear, that is to focus on commercializing our technology, and construct a trusted supply chain ecosystem on the basis of market demand.

At present, Linfinity has signed Memorandums of Understanding (MOU) with several international companies, such as Alishan Group, WealthBriefingAsia, Scientific Tradition, Rongde Logistics, and Herbriller. Linfinity Dapp beta 1.0 has been officially launched and delivered to enterprises for further debugging.

How much potential market share can you achieve in the next 3 years?

This is a very good question. I think that blockchain is growing fast today and has huge potential, not just for changing the current world, but also its potential to shape the future. There will be a closer combination of traditional industries and blockchain in the next three years. At present, the entire blockchain industry is still in the exploratory stage, and with the development of the Internet of Things(IoT) and Artificial Intelligence(AI), blockchain+LoT+AI can greatly enhance the feasibility of uploading information into blocks, ensuring that offline objects are accurately mapped on the chain, which enhances the overall credibility of the system, and then achieve blockchain commercialization in more scenarios.

Linfinity is not creating an industry, but using new technologies to serve the development of the entire supply chain industry, accelerating the landing of this trusted ecosystem scenario.

What was the most important part of your whole business journey?

The most important part, I think, is the spread of blockchain knowledge through global roadshows. The blockchain is not a new concept, but its current practical application is concentrated in the field of digital currency. Nowadays, pseudo-blockchain projects that are rapidly financing in the name of blockchain are everywhere, which stems from people’s lack of understanding of blockchain. More importantly, many enterprises are even less clear about where to start using blockchain technology, unilaterally thinking that moving from the original business model to “blockchainization” is a rather complicated process.

It is through global roadshows that allow businesses and users to truly understand and benefit from blockchain. “Blockchainization” is not complicated, enterprises will not need to upload information of the whole of every business process, but only package and upload necessary information according to their own needs.

Moreover, Linfinity provides several ways to assist enterprise users in their business applications of the blockchain.

What are the best and worst purchases you’ve ever made?

What I am doing now is the best. Blockchain is first and foremost an emerging industry, and it is also a cutting-edge technology alongside AI and IoT. But the difference is that blockchain technology has lower thresholds and can better cooperate with various industries.

For example, Linfinity is specifically dedicated to providing quality solutions for supply chain information delivery problems in traditional industries. Through Linfinity blockchain technology, the information is packaged and uploaded into blocks, which makes the information of goods public, transparent and safe in the process of circulation. The most direct benefit is that it can help to solve intellectual property right and counterfeiting problems of specific industries.

The negative side may be that due to people’s lack of understanding of blockchain, many people equate bitcoin with blockchain, and some illegal speculators even commit crimes under the name of blockchain.

What takes up too much of your time?

It is global communication. Linfinity is a company with a global perspective. In Asia, we currently have cooperation in Singapore, China, Japan, Korea and Bangkok. We further plan to expand to other regions; Linfinity Forum held in London and the signing of a strategic cooperation agreement remark a small step towards our entry into the European market; the American market plan has been launched, and we are now in contact with a large US logistics company, and cooperation with them is only a matter of time. I spend most of my time on this, and I’m happy to do that.

The vision of Linfinity is to form industry gathering from technology landing and finally realize the construction of a trusted supply chain ecosystem to serve the society and create value. The construction of new supply chain ecosystem requires the cooperation with more large, medium and small-sized enterprises. It is necessary to truly mobilize the resources of the whole society and make joint efforts.

What three pieces of advice would you give to college students/new startup business owners who want to become entrepreneurs?

In this era of mass entrepreneurship and innovation, I think that as an entrepreneur, we should return to the essence of business through impetuous phenomena.

First, to clarify our business logic and figure out where the final profit point is. Second, to do a basic project planning, the purpose of doing this is to understand why we should take risks, spend energy, time, resources and money to do this, and how to achieve our goal.

Finally, we must have a basic team structure. To turn an idea into a successful enterprise, the key factor is to have a strong management team. Members of this team must have rich professional technical knowledge, managerial skills and many years of work experience. We should clear up these points before starting a business.

Who has impressed you most with what they’ve accomplished?

I have been deeply impressed by many projects in this industry. In fact, there are many excellent projects in the blockchain industry, people are engaged in different aspects, so then the solution is not the same.

For example, the blockchain industry can be roughly divided into technology group and business group.

The technology group focuses on the blockchain technology itself, and they may devote more time and energy to the development and optimization of blockchain public chain, and of course, the achievements of these projects are inestimable, especially for improving the access efficiency of the blockchain, it is especially significant.

The business group is market-oriented, such as Linfinity. We are always focusing on the use of blockchain technology phased achievements to solve the market pain point, optimize and improve the key and difficult problems in various industries.

What drives you to keep going when it’s really tough?

The blockchain industry is currently a place good and bad mixed together. On the one hand, it is because that the industry itself is very new, the development time is not long, many aspects are not mature; on the other hand, the market lacks certain supervision, the phenomenon of “inferior cryptocurrencies drives out superior ones” occurs from time to time.

For me, in addition to the potential of Linfinity project, my team is also my driving force. The members of our team are professionals and elites from different industries. Although some of them have not worked on blockchain-related projects before, they are rooted in traditional industries and have exceptionally sharp insights into the market’s pain point. This is very important and necessary for Linfinitymarket-oriented commercialization process of blockchain technology, and this is also an advantage that many peers may not have.

How people should connect with you?

For collaboration and questions, Feel free to reach my Email

Source from: http://www.vizaca.com/anndy-lian-ceo-of-linfinity/

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LINFINITY Announcement | LFT has been Listed on Bitget Exchange

LFT has been officially listed on Bitget Exchange on 12 November, 2018 (Singapore Time).

Deposit time: 12 November, 2018

Transaction time: 13 November, 2018

Trading pair: USDT

Website: www.bitget.com

 

Thanks for your support for LINFINITY.

 

 

                        LINFINITY Team

12 November, 2018

 

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LINFINITY公告 | LFT已正式上线 币得(Bitget) 交易平台

LFT已于2018年11月12日(新加坡时间),正式上线 币得(Bitget) 交易平台。

开放充值时间:2018年11月12日;

上线交易时间:2018年11月13日;

交易对:USDT;

币得交易网址:www.bitget.com;

 

感谢大家对LINFINITY的支持。

 

                                                        LINFINITY团队

                                                        2018年11月12日

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Why LINFINITY is the Answer to the Challenges of SMEs

In Singapore, Small-Medium Enterprises (SMEs) are vital contributors to the economy, with 219,000 SMEs contributing S$196.8 billion in gross value. Over the last five years, SMEs have helped generate half of the nation’s growth in gross value added, particularly from the burgeoning industries of food & beverage, manufacturing, retail and info communications.

Source from: Department of Statistics Singapore

Similar figures can be seen in the Southeast Asian region, where SMEs play a crucial part to the region’s Gross Domestic Product (GDP), accounting for more than 95% of all business establishments. However, despite being the integral to the growth of GDP all around the world, the reality is that these businesses must still battle it out in an ecosystem which holds many challenges that are unique to these SMEs.

SMEs today, therefore must look beyond traditional methods and embark on a journey of constant innovation, adapting new enterprise technology to meet their challenges as well as to sustain and accelerate growth.

 

Small Business, Smart Contracts

Typically, SMEs often concentrate on sustaining the business and increasing the scale of the company, so much so that they lose track of other vital components such as the system and process behind operations, logistics and supply chain. There is therefore a need to put in place a proper system or service that can ensure the growth of the company, whilst taking care of backend operations within the company. Smart contracts powered by blockchain may be one such solution with it being a beginner friendly concept that even the most technology-resistant individuals can embrace. Traditional contracts require the involvement of many parties, as well as the overseeing of a financial institution which smart contracts are free to do away with, acting as a distributed digital ledger.

Smart contracts act as a ledger that ensures each transaction is irrefutable and enforceable, while streamlining the procedures behind the business. With LINFINITY, blockchain technology can be used to implement contracts and monitor any other transactional activity between various parties in the total supply chain network, allowing SMEs to save cost on unnecessary steps and measures in the governance of their supply chain belt.

 

Security and Privacy

Passing through many hands within the total supply chain network, confidential and important information is always at risk. With blockchain enabling it to serve as a decentralized, distributed digital ledger, tracking and recording all aspects of exchanges, agreements, transactions and payments, information will be safeguarded in specific blocks, each linked to one another. Blockchain therefore serves as a protected platform where sensitive and private information would not have to be divulged despite multiple copies of this ledger being made available to different stakeholders benefiting SMEs who hold large amount of private information. In addition, this further ensures the security of any information that is present on hand, as it is kept away without any intermediaries involved. In the event of an encounter with legal disputes, the information stored on the chain could even serve a purpose, acting as legal evidence for regarded cases. People may forget and digital material can be hacked, but contracts and information stored on the blockchain can never be changed and altered.

LINFINITY serves to be able to allow companies that have many different individual parties in their entire supply chain network, to have access to a single platform where the records are kept and safeguarded. Companies can have the option to manage their own blockchain with LINFINITY providing the blockchain technology or have LINFINITY aid in the management of their supply chain together with the full belt on LINFINITY’s chain to help smoothen the processes.

 

Supply Chain Finance Efficiency

Despite the importance of SMEs in contribution towards a nation’s GDP growth, SMEs often face issues accessing credit at the various points of the business when necessary. Due to being relatively young in nature with regards to incorporation, SMEs may not have a substantial track record on their credit history for banks to acknowledge, when requiring financial assistance. With supply chain financing, it can enable SMEs to have access to more financing at a lower cost. But even with supply chain financing, it comes with its own set of problems and blockchain may just be the answer to it.

Problems that may arise include, the cost of borrowing for the SME to be unfavourable for them depending on the buyer’s bank, and a lack of transparency in transactions hence affecting tier 2, tier 3 suppliers. LINFINITY is embarking on implementing blockchain technology for supply chain finance that can greatly benefit SMEs. Such benefits LINFINITY can bring in the supply chain finance include a reduction of processing time while ensuring transparency and security and the inability for manipulation by parties. This further ensures increased control, speed, reliability and authenticity of each the total supply chain network.

In addition, with the introduction of blockchain, it creates a token economy that enables the transaction of public goods and monetary assets to be more fluid. With stakeholders within the total supply chain network being active adoptive users, it will result in the value of the token economy to increase. This creates an established ecosystem where the tokens could be redeemed for various assets by members and users of the platform.

 

SMEs Employing Blockchain

Technology is moving fast, and we are currently living in what is popularly termed as the fourth industrial revolution. It is the age of the Internet of Things (IoT), Artificial Intelligence (AI), Big Data, Cloud Computing, and even digital banks. Companies and businesses that are serious about growth are currently scrambling to understand this new technology, trying to determine how it will evolve in the future.

This however is where SMEs retain a significant edge. Being smaller, these companies have proportionately smaller systems and networks, making them nimble, being able to adapt and take on blockchain technology quickly with relative ease. It’s a different story for MNCs such as Alibaba for example, where integrating just a minor feature into the entire system would require good long period for the company to adapt.

Moving forward, LINFINITY is not just looking at large, global scale clients, but is also paying special attention to SMEs, especially those in the FMCG sector, helping them to adopt blockchain technology into their own company’s supply chain. LINFINITY has been playing an active role in being involved in the application of blockchain in supply chain networks with various SMEs and their respective business models, advising and providing their expertise in the field.

 

Striving Towards Adoption of Blockchain in Singapore

In August, LINFINITY hosted a roundtable discussion in Singapore that was held with industry leaders and entrepreneurs, covering various topics such as the potential of blockchain in enabling SMEs. Teo Ser Luck, member of Parliament, shared his sentiments on the revolutionized offerings blockchain can have for local SMEs in terms of not just meeting pain points and filling the gap, but its potential in disrupting traditional markets.

The Singapore government has taken steps in recognition of the need for adoption of enterprise technologies solutions for local companies with specific grants catered towards SMEs such as the SMEs Go Digital grant and Technology Adoption Programme. With such grants that allow SMEs to build stronger digital capabilities through the adoption of various technologies, such as Blockchain, IoT and AI, each of these technologies come together to work together cohesively and complement one another and elevate SMEs to be part of the digital economy.

Nobody really knows where the above-mentioned fourth digital revolution will bring our society. However, we need pioneers to push the technology forward regardless. LINFINITY is ready and has stepped up to be one of these pioneers in the Singaporean landscape, and have begun spreading their reach abroad, launching forums and talks across London, Tokyo, and Seoul.

 

For more information about LINFINITY and their future activities, visit linfinity.io, or contact pr@linfinity.io.

https://www.linfinity.io/article/85.html

 

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LINFINITY—中小企业转型升级强心剂

“新加坡约有219000家中小企业,它们主要以食品业、饮品业、快消品业和零售业为主。在过去的五年中,中小企业每年所创造的经济增长,占据新加坡GDP的半壁江山,已成为国民经济的中流砥柱。”

数据来源:新加坡统计局

 

除了新加坡外,其他东南亚国家也是如此,中小型企业俨然已成为各国GDP增长不可或缺的重要组成部分。但随着社会科技的发展,这些中小企业也面临着诸多行业痛点,尤其是快消品行业,由于传统供应链所特有的管理结构,容易出现信息不对称、流程不可控、数据容易受到黑客攻击,从而导致假货蔓延。唯有与时俱进,去了解新兴科技,优化管理,精确把控流程,构建出自己的一套生态环境,才可以在竞争如此巨大的当下,不被市场所淘汰。区块链的出现,或许能为中小企业供应链管理注入活力。

 

智能合约

大部分中小型企业往往过于集中精力去拓展业务,而常常忽略了企业的运营管理,或者说运营管理的方式还十分传统,各个环节信息的不对称,导致企业内部相互协作效率低下。基于区块链的“智能合约”可以很容易解决系统信息各个节点的执行问题。只要满足“智能合约”中的所预设的“条件”,便会“开启”合约的执行过程。而整个执行过程,是透明化的、不可被人为篡改的和可信任的。只要将所要执行的合约内容,写入LINFINITY区块链中便可以对于执行过程中的信息,有一个精确的把控和监管,为中小企业节省执行成本,提高管理效率。

 

信息安全

快消品行业的供应链所涉及环境非常多样,虽然这样的分工结构可以将协作的效率最大化,但伴随而来的信息数据安全问题也同样值得引起重视。分布式结构和信息可溯源,是区块链技术最大两个特点。依托于区块链技术,中小企业可实现对商品信息数据,从生产到终端所有环节的把控。除此之外,这些上链信息基于区块链的本质特点,还具有一定的法律依据效力,近来,第一张区块链发票已经诞生,这也是国家层面对于区块链技术的认可。 LINFINITY 旨在通过区块链技术建立一套值得信赖和可追溯的防伪供应链解决方案。在这套体系中,我们很容易查看如原材料供给、物流、配送等具体情况。它在降低供应链管理成本的同时,也增加了商品流转的安全性。

通证经济

尽管中小企业对于国家经济增长有着重要贡献,但中小企业也面临着融资贷款难的问题。这是由于银行对于中小企业不信任造成的。 LINFINITY 正着手于供应链融资方面的区块链技术,将融资借贷信息上链,为企业提供可信、有效的金融借贷数据。这将极大地造福于中小企业,如减少处理时间,确保借贷信息的透明度和安全性,进一步解决了中小企业融资的速度、真实性和可靠性问题。

另外,随着区块链的引入,一种新的经济现象由此诞生——“通证经济”。它的目的是以“通证”(Token)的方式,作为一种激励工具,促进生态圈内各个角色的相互协作。贡献越大,所获得的激励就会越多,而这些所获得的激励,也可以在特定的平台进行交易或流通,从而使整个区块链的生态到达可持续发展的目的。

物联网、人工智能和区块链毫无疑问将会成为未来社会科技发展的方向,这些基于大数据的新科技,将会又一次掀起新一轮的产业革命。 LINFINITY 所要完成的就是将这些新兴科技有机的融合在一起,构建起一套完整的商业生态平台,帮助中小企业完成认知升级与技术的迭代。

LINFINITY 始终专注于区块链的普及与商业化推广,目前已经在韩国、新加坡、日本、英国等诸多国家以TALK、FORUM和圆桌会议的形式举办了多场线下活动。正如,新加坡前人力部及贸工部部长、新加坡国会议员张思乐先生所说的那样:“区块链不仅可以为中小企业带来革命性的高新技术,还填补了传统行业管理方式上所不能解决的空缺与痛点。”让区块链技术、人工智能、物联网相互配合,相辅相成,使中小企业进一步为国民经济增长做出巨大贡献。

 

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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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