Leading the charge: APAC’s comprehensive approach to digital transformation

Leading the charge: APAC’s comprehensive approach to digital transformation

The Asia-Pacific (APAC) region is emerging as a leader of digital transformation, spearheading initiatives that are reshaping industries and societies. From artificial intelligence (AI) to blockchain, central bank digital currencies (CBDCs), drones, and quantum computing, APAC countries are harnessing cutting-edge technologies to construct digital nations. I will try to share my views on the current state of these technologies in the region, offering a comprehensive analysis of their implementation, challenges, and future prospects.

Blockchain: Revolutionising finance and beyond

Blockchain technology is revolutionising the financial sector in APAC, particularly in Singapore, where it is being utilised to streamline processes and introduce innovative products. DBS Bank, a prominent financial institution in Singapore, has adopted blockchain to enhance its operations. By integrating blockchain, DBS has improved its reconciliation and reporting processes, reducing costs and increasing efficiency. This move is part of a broader trend among financial institutions (FIs) in the region to adopt blockchain for its potential to offer faster and more affordable means of storing and transferring data.

The future of enterprise blockchain in APAC looks promising as businesses seek to become more resilient. A PwC report has mentioned that blockchain could boost the global economy by $1.76 trillion by 2030, with APAC expected to benefit significantly. The technology’s ability to provide transparency, security, and efficiency makes it an attractive option for various sectors beyond finance, including supply chain management, healthcare, and government services.

CBDC: Leading the charge in digital currency

Central Bank Digital Currencies (CBDCs) are gaining traction in APAC, with countries like China, Thailand, and Indonesia leading the charge. These nations are breaking new ground with pilot programs and research initiatives that are maturing quickly. China, for instance, has been at the forefront with its digital yuan, which has been tested in several cities and is poised for broader adoption. The People’s Bank of China has reported that the digital yuan has been used in over 360 million transactions, totaling more than $13.68 billion.

Singapore and Cambodia are also making significant strides in CBDC development. Singapore’s Project Ubin, a collaborative project with the Monetary Authority of Singapore (MAS), has explored the use of blockchain for clearing and settlement of payments and securities. Meanwhile, Cambodia’s Bakong system, a blockchain-based payment system, has been operational since 2020, facilitating transactions in both Cambodian riel and US dollars.

The adoption of CBDCs in APAC is driven by the need for more efficient payment systems, financial inclusion, and the desire to reduce reliance on cash. However, challenges remain, including regulatory hurdles, cybersecurity risks, and the need for robust infrastructure.

AI: Transforming manufacturing and beyond

Artificial intelligence is transforming industries across APAC. Many would touch on AI being a good productivity tool but I would like to highlight the manufacturing sector being a prime example instead. Companies are leveraging AI to enhance predictive maintenance, optimise supply chains, and improve quality control. In Japan, for instance, Toyota has implemented AI-driven systems to predict equipment failures, reducing downtime and maintenance costs.

McKinsey also shared that AI could add $13 trillion to the global economy by 2030, with APAC poised to capture a significant share of this growth. The region’s strong manufacturing base, coupled with government support for AI research and development, positions it well to capitalize on AI’s potential.

The widespread adoption of AI also raises concerns about job displacement and ethical considerations. Governments and businesses must work together to address these challenges, ensuring that AI is used responsibly and that workers are equipped with the skills needed for the jobs of the future.

Quantum Computing: A new frontier

Quantum computing represents a new frontier in digital transformation, with APAC countries like Singapore and Japan leading the way. Singapore has announced plans to invest close to S$300 million over the next five years to boost quantum technology research and talent. This investment is part of the country’s broader strategy to build a quantum-safe network infrastructure, positioning it as a leader in the field.

In Japan, Mitsui & Co., Ltd has partnered with Quantinuum to deliver quantum computing solutions in the region. This collaboration aims to accelerate the development and deployment of quantum technologies, which have the potential to revolutionize industries such as pharmaceuticals, finance, and logistics.

Despite its promise, quantum computing is still in its early stages, with significant technical challenges to overcome. The potential benefits are immense, and APAC’s commitment to advancing this technology underscores its importance in the region’s digital transformation journey.

Drones and Autonomous Vehicles: Shaping smart nations

Drones and autonomous vehicles are integral to APAC’s vision of building smart nations. In Singapore, drones are being used as part of the Smart Nation strategy to capture high-quality, precise 3D digital models of buildings. This technology is enhancing urban planning and infrastructure development, making cities more efficient and sustainable.

Autonomous vehicles (AVs) are also gaining traction in the region. In China, Baidu’s Apollo Go robotaxi service is leading the way, with plans to deploy 1,000 AVs in Wuhan by the end of the year and expand to 100 cities by 2030. This initiative highlights the potential of AVs to provide mobility and independence for the disabled and elderly, as well as significant opportunities for freight and logistics.

In Malaysia, the government is considering a new legal framework to govern AVs, reflecting the growing interest in this technology. The deployment of AVs also presents challenges, including regulatory issues, safety concerns, and the need for robust infrastructure.

Conclusion: Building digital nations in APAC

The digital transformation initiatives in APAC are reshaping the region, driving economic growth, and improving the quality of life for its citizens. From blockchain and CBDCs to AI, quantum computing, drones, and autonomous vehicles, these technologies are building the foundation for digital nations.

The journey is not without challenges. Regulatory hurdles, cybersecurity risks, and ethical considerations must be addressed to ensure that these technologies are implemented responsibly and sustainably. Governments, businesses, and society must work together to navigate these challenges, ensuring that the benefits of digital transformation are realised for all.

As APAC continues to lead the way in digital transformation, it serves as a model for other regions, demonstrating the power of technology to drive innovation and progress. The future is digital, and APAC is at the forefront of this exciting journey.

 

Source: https://ciosea.economictimes.indiatimes.com/blog/leading-the-charge-apacs-comprehensive-approach-to-digital-transformation/114570268

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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NFT 2023 SEOUL – The Future of Art in the Digital Age

NFT 2023 SEOUL – The Future of Art in the Digital Age

NFT 2023 SEOUL is a dynamic and forward-thinking event that dives deep into the convergence of art and technology in the digital age. With a lineup of expert speakers covering a wide range of topics, the event explores how NFTs, generative AI, blockchain, and decentralized technologies are reshaping the art landscape.

From discussions on the transformative power of AI-generated art to insights into decentralized curation and the fusion of physical and digital art forms, attendees will gain a comprehensive understanding of the evolving art world. The event also highlights the role of NFTs in media and other industries, showcasing their influence beyond traditional art realms.

Thoughts on the Evolution of Art in the Age of Generative AI, NFT, and other Digital Technologies – 차인혁: Explore the transformative impact of generative AI, NFTs, and digital technologies on the world of art.

The following are the key speakers for Part 2:

ART & TECHNOLOGY & Community – Mariko Nishimura: Delve into the dynamic relationship between art, technology, and the influential role of communities in shaping the art landscape.

Creative collaboration, co-creation, and decentralized curation – Aleksandra: Discover how decentralized curation and collaborative approaches are redefining the art world in the context of NFTs.

Decentralized Dreams: The Journey of NFTs in the Age of AI and Web3 – Anndy Lian: Trace the exciting journey of NFTs within the realms of AI and Web3, exploring their potential and impact.

Blockchain as a new medium for ART + Coding ART – Nori: Dive into the technical aspects of utilizing blockchain as an artistic medium, where coding meets artistry to create innovative works.

Legitimate / Physital- NFT 기술 실제적 융합 – Calvin: Explore the practical integration of NFT technology in art, addressing authenticity concerns and the fusion of physical and digital art forms.

Web3 Art NFT Platform – 2r2.io – 정창희: Showcase the capabilities of the 2r2.io NFT platform within the Web3 ecosystem, shedding light on tools available for artists and collectors.

NFT NOW: Future of media and beyond – Alejandro Navia: Gain insights into how NFTs are shaping the future of media and extending their influence across diverse industries beyond traditional art.

This event promises a comprehensive exploration of NFTs, generative AI, blockchain, and their profound impact on the evolving world of art and digital expression.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Consequences and Impacts of Blockchain Based Databases on Efficiency and Service Delivery | Turkey

Consequences and Impacts of Blockchain Based Databases on Efficiency and Service Delivery | Turkey

Blockchain technology has been a topic of great interest and discussion across various industries. Its potential to revolutionize efficiency and service delivery has captured the attention of many experts and professionals. In this article, we will explore some intriguing case studies and delve into the impact of blockchain databases on various sectors, highlighting the benefits it can offer in terms of streamlining processes and enhancing overall efficiency.

The Potential of Blockchain Technology
Blockchain technology, often associated with cryptocurrencies like Bitcoin, is a decentralized and immutable digital ledger. It offers a secure and transparent way of recording transactions, making it ideal for various applications beyond cryptocurrencies. The main keyword for this article, “blockchain technology,” will be emphasized to enhance its SEO-friendly aspect.

Blockchain’s Impact on Efficiency and Service Delivery
When it comes to efficiency and service delivery, blockchain technology holds immense potential. Let’s explore some case studies that exemplify how blockchain has transformed processes in different sectors:

Case Study 1: Smart Incorporation with Blockchain in Delaware
In this case study, the US state of Delaware is in the early stages of developing incorporation services on a blockchain-based smart contract system, replacing traditional paper-based processes. This digital approach streamlines the incorporation process, from filing documentation to legal structure, issuing shares, and conducting annual general meetings. By leveraging blockchain technology, the entire process becomes more efficient, reducing the time taken and eliminating manual interventions.

Case Study 2: Venezuela’s Petrol – The First Digital Currency
Venezuela took a groundbreaking step by introducing “petrol,” its digital currency, backed by its vast oil reserves. This move aimed to combat economic challenges, hyperinflation, and depreciation of the national currency. By employing blockchain technology to support the digital currency, Venezuela has enhanced the security and traceability of financial transactions. This has instilled confidence in the platform and stabilized the economy, paving the way for further innovations.

Case Study 3: E-Voting in Denmark
Denmark embraced blockchain technology to revolutionize its electoral process. By using blockchain for e-voting, Denmark introduced a transparent and tamper-proof system that ensures accurate voting results. This move fosters inclusiveness and accessibility, encouraging citizens to actively participate in the democratic process. The implementation aligns with the nation’s commitment to digital innovation and enhances the overall integrity of the election framework.

The Key to Success: Probing, Prioritizing, and Partnering
To harness the full potential of blockchain technology, governments and organizations must adopt a systematic approach:

Probing: Set up a dedicated team to review potential use cases for blockchain technology. The team should assess processes that can benefit from blockchain implementation and focus on areas where immediate and meaningful results can be achieved.

Prioritizing: Identify use cases with the greatest potential for positive impact and prioritize them for implementation. Start with smaller pilot trials to assess the feasibility and benefits before embarking on more extensive projects.

Partnering: Collaboration with the right technology partners is crucial. Seek partners who can provide expertise in blockchain development, technical standards, integration, and collaboration. This will ensure a comprehensive and successful blockchain implementation.

Embracing the Future
In conclusion, blockchain technology holds enormous potential to reshape efficiency and service delivery across various sectors. As we continue to explore and innovate with this technology, we must approach it with a strategic mindset, focusing on meaningful implementations and fostering collaboration between public and private sectors. By doing so, we can unlock the true potential of blockchain and drive positive change for our economies and societies.

This video is part of a consultation session on “Technical Expert Service on Improvement of Public Sector Efficiency Using Blockchain-based Database” by Anndy Lian. The implementing organizations include the Ministry of Industry and Technology of Turkiye and the Asian Productivity Organization. The event was held in Ankara and Bolu, Turkiye, from 4–7 July 2023.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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