Blockchain Laboratory is Providing Business Solutions

April 14, 2019

Fundamental features of blockchain’s distributed ledger technology (DLT) are proving integral in providing solutions to unique, real-world problems, according to Paul Sin, head of Deloitte Asia Pacific Blockchain Lab.

By using hashing algorithms to encrypt information on the blockchain database, Deloitte enables various users or “nodes” to copy each other’s data for high availability while keeping it protected from unauthorized access. This key feature has applications which are exceedingly valuable for cross-industry transactions, especially in financial services and in tracking supply-chains.

Blockchain applications have been implemented across industries such as in banking, insurance, healthcare, supply chains, digital rights, and regulatory processes.

According to Sin, blockchain helps small and medium-sized enterprises (SMEs) gain access to financial services, as currently only one in four SMEs are successful when applying for loans. As a business-to-business (B2B) platform, blockchain allows various businesses in different locations to collaborate by forming multiple partnerships that improve efficiency while reducing costs. As businesses pursuing blockchain adoption must digitalize their data, this makes the financial sector uniquely positioned to pioneer the technology.

Deloitte’s Asia Pacific Blockchain Lab was opened in September 2017 with the goal of centralizing regional resources in order to better serve its clients. It has since used blockchain to develop a trade finance proof-of-concept for the Hong Kong Monetary Authority and five of the city’s leading banks to share trade data, while also eliminating forged invoices by using proof of authentic supporting documents on the blockchain network.

The lab has also collaborated with Chinese firms and Singaporean authorities to implement blockchain solutions, while currently using blockchain technology to enable supply chain traceability and synchronize real-time data over the Guangdong-Hong Kong-Macau Greater Bay Area.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    An Update On Disruption Of Trickbot – Microsoft’s Tom Burt
    As of October 18, Microsoft has worked with partners around the world to eliminate 94% of Trickbot’s...

    October 24, 2020

    U.S. Says Google Breakup May Be Needed To End Violations Of Antitrust Law
    According to Reuters, the U.S. sued Google on Tuesday, accusing the $1 trillion company of illegally...

    October 24, 2020

    Nokia Selected By NASA To Build First Ever Cellular Network On The Moon
    Nokia has announced further details after being named by NASA as a partner to advance “Tipping Point...

    October 23, 2020

    Singapore FinTech Company, STACS, Co-Develops Blockchain Platform with EFG Bank
    STACS, a Singapore FinTech company focusing on Blockchain technology solutions, announced its partne...

    October 22, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us