Challenges Facing Blockchain in Financial Sector

Asia Blockchain Review
May 3, 2019

A major Chinese researcher has detailed how the use of blockchain technology in the financial sector still faces many roadblocks, despite its potential to transform key industries.

As reported by Cointelegraph, Wei Kai, head of blockchain research at the China Academy of Information and Communications Technology (CAICT), attended a meeting this year of the International Chamber of Commerce (ICC) Banking Commission.

The annual, two-day event was hosted earlier this month in partnership with ICC China and the China Chamber of International Commerce, gathering more than 650 delegates from 59 nations to discuss the state of the industry and commemorate a century of the ICC.


Under the theme “Leading the Way in Global Trade,” the meeting aimed to establish trade finance innovation and changes. It also included plenary and breakout sessions, where attendees were invited to rethink the future of the international trade system and consider the role of businesses in adopting necessary reforms.

During the event, Wei described challenges to further blockchain adoption, claiming that in spite of blockchain’s potential to transform various industries, technology disruptors have yet to address three important issues concerning the financial sector at the present stage of adoption. He argued that the blockchain community must work out certain challenges including data privacy, operability, and integration with enterprise systems.

The researcher also underscored major issues, such as coordinating regulatory approaches between different jurisdictions around the world. He nevertheless maintained that blockchain can potentially revolutionize the banking industry while bringing benefits to others, including transportation, manufacturing, medicine, and government.

The CAICT, founded in 1957, operates under China’s Ministry of Industry and Information Technology.

Source: cointelegraph.com

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
Facebook Decides not to Offer Libra in India
Facebook has decided not to launch its Libra token in India due to regulatory pressure from the Indi...

July 20, 2019

Malaysian Blockchain-based Exchange Leads Digital Transformation
Fusang Exchange has been granted approval by the Securities Exchange to operate in Malaysia’s specia...

July 20, 2019

HSBC Blockchain Link-Up Platform Saves 40% of Transaction Time
A shipment between Hong Kong and Dubai involving two separate blockchain platforms was able to succe...

July 20, 2019

LG Applies Blockchain Platform to School Lunch Programs
An LG subsidiary has announced plans to develop a blockchain-based platform for the distribution of ...

July 19, 2019

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