From centralisation to decentralisation; how blockchain-oriented fintech can benefit the financial sector

From centralisation to decentralisation; how blockchain-oriented fintech can benefit the financial sector

Additional comments.

Blockchain has the potential to digitize the entire trade finance lifecycle while increasing security and efficiency, lower fraud, human error, and overall counterparty risk.

From a productivity stand point, blockchain intervention allows the whole banking process to be automated within a given set of variables and guidelines and certain banking functions can work 24/7 instead of 9 to 5. In the example of payment, the current system for cross border transactions can take up to a week to clear, with the help of blockchain the amount can be cleared instantly.

On top of everything, it can enable more transparent governance as all the transactions are trackable and traceable on the blockchain.

 

Anndy Lian

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From centralisation to decentralisation; how blockchain-oriented fintech can benefit the financial sector

As stated by experts, blockchain has the capability to digitise the trade finance ecosystem with increment in security and efficiency, reduction in fraudulent practices and human errors, and overall fall in counterparty risks

From what it seems one of the burgeoning technology blockchain is expected to have an impact across sectors including finance. Insights from a study conducted by Market Research Future, a market analysis company, have shown that blockchain within the fintech market will be valued at $31.4 billion by 2030, thereby clocking a 47.90% compound annual growth rate (CAGR). “Blockchain’s influence on the fintech sector can play a key role in boosting privacy and reduction of risks, while transactions are conducted. With no intermediaries involved, customers can conduct transactions at a reduced cost. As the financial industry starts to use blockchain, the potential to provide reliable and transparent transactions will become prevalent,” Prashant Kumar, founder, and CEO, weTrade, a cryptocurrency startup, told FE Digital Currency.

As stated by experts, blockchain has the capability to digitise the trade ecosystem with increment in security and efficiency, reduction in fraudulent practices and human errors, and overall fall in counterparty risks. A blog by International Business Machines (IBM) Corporation, a technology corporation, mentioned that 54% of banks surveyed said that transformative technologies such as blockchain, digital trade, and online trade platforms are priority areas of development with regard to future growth. “From a productivity standpoint, blockchain’s intervention will allow the banking system to be automated within a given set of variables, to allow them to function 24×7. Moreover, it can enable transparent governance, as transactions will become traceable on blockchain,” Anndy Lian, chief digital advisor, Mongolian Productivity Organisation, a governmental organisation, said.

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 “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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Anndy Lian Witnessed Heritage DAO Securing National Treasure “Power of Decentralisation”

Anndy Lian Witnessed Heritage DAO Securing National Treasure “Power of Decentralisation”

HeritageDAO is a decentralized autonomous organization for our cultural heritage. Powered by web3 technologies, we revolutionize the way we collect, protect, share and enjoy cultural heritage.

It all started with this unfortunate story – Due to Covid-19, the very first private art museum in Korea was forced to put two National Treasures out for an auction out of devastation. This is the very first time in the history of Korea to see such treasures out for a transaction. We heard about this incident 4 days before the auction day and decided to address this in a Web 3.0 way. So, HeritageDAO was initiated just 4 Days before the Auction, ended up raising 900+ ETH and securing a National Treasure in 8 days while raising awareness about this incident across millions of people worldwide.

Basically, National Treasure #73 that we secured is a portable temple that people used to carry around 1,000 years ago. Back then, Buddhism was the main religion of Korea – and people carried this to practice their religion anywhere. With growing members, the need for a place that our members can call home grows bigger. Therefore, we wanted to secure this portable temple to symbolize a place our HSS members can call home. This temple will be featured on Sandbox too.

“I was in South Korea and when I heard Heritage DAO’s calling. I have decided to help and also joined the DAO’s governing council. All of us want to help and using the power of decentralisation, we have managed to secure the National Treasure and kept it in the gallery. On top of that, in good gesture, we have sent 51% of the ownership back to the original owners. This is our way to preserve the National Treasure in good hands. This is also a way to showcase how crypto is used to do help in times of need.” Anndy Lian, thought leader and Chairman of BigONE explained.

The DAO seeks to reach out and connect with the nonmaterial individuals, advocates, philanthropists, and innovators that hone the cultural values of the heritages. To do that, HDAO is introducing the High Sloth Society – The First NFT project by HDAO; a prestigious and secretive society of 10,000 elite sloths that pursue greater goods with missions to preserve and hone the essence of human heritage.

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 “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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