Blockchain technology is a way of safely storing and sharing information across a network of users in an open virtual space. Blockchain was invented in 2008 to serve as public transaction ledger of cryptocurrency such as Bitcoin. Since then, it has been leveraged in many other fields. In finance, blockchain has emerged as a core disruptor in every aspect of today’s financial markets. Blockchain covers many areas from payment platforms to regulations, and from crowdfunding to virtual currencies. In a recent survey by PwC, 88% of incumbent financial institutions are increasingly concerned about losing their revenue should they delay in keeping up with the technology.
There are, of course, various use cases of blockchain outside finance. In the food industry for instance, blockchain helps in making the food supply chain transparent and empowers the chain to be aware of any food safety disasters. In healthcare, blockchain allows patients to assign access rules for their medical data, for example, permitting specific researchers to access parts of their data for a fixed period of time. With blockchain technology, patients can connect to other hospitals and collect their medical data seamlessly. In the social finance field, blockchain brings enormous potential to improve how we address some of the world’s most pressing social challenges. Indeed, it has solved a number of issues such as personal identification, beneficiary location and ensuring consistent aid is delivered to each and every individual in need.
Gartner in their report ‘Gartner Top 10 Strategic Technology Trends for 2020’ published on 21st October 2019, predicted that in future, true blockchain or “blockchain complete” will have the potential to transform industries, and eventually the economy, as complementary technologies such as AI and the IoT begin to integrate alongside blockchain.
This programme will deliberate on business cases and course of events from around the globe focusing on applications of blockchain in businesses, which have been tried, tested and in operation as well as its future in the capital market. This programme will also look into the role of regulators and intermediaries following this new change of landscape affecting the financial institutions.
05 Feb 2020
Securities Commission Malaysia
Securities Industry Development Corporation