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.
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