Coming to terms with laws and regulations since the beginning of time, we are now well-versed and equipped with what is on offer and what we get ourselves into; in the 21st century. As organisations start to understand the basis of why rules were governed, eventually; the core element to it is TRUST, that we all keep a close relationship with. ABR recently spoke to Ong Wei Shen, a regulatory and compliance officer for Aspirasi, a digital financial services provider under Axiata Digital on the topic of the whole infrastructure of regulations.
Primarily, the main topics that are being discussed at ABR are usually focused on the future of technology, on what we can do to improve things, what we have and who to reach out to. Ultimately, as a society who experiences every point of change, we are here to talk about the inner-workings of laws in the Blockchain sector. Without further ado, let’s dive in!
To begin with, the cutting-edge technology of Blockchain comprises very detailed information from one point to another. Wei Shen stated that this advancement of development for various sectors enables digital assets and cryptocurrencies as well as transferring of values and data without intermediaries like the traditional systems that we still utilise today, such as the banking industry.
On that particular note, we are living in a time where the next big stages of development, in terms of technologies, exist to ease the lives of humans. It is making things a lot simpler, transparent and traceable from all sectors that we are in. In the long run, it is a robust level of security that we shall all try to understand the importance of. It does not matter if you are just getting started, or you are already an expert in Blockchain technology, it’s the journey that counts.
Given an example in the supply chain industry for Blockchain in the area of regulations, the potential for transparency and traceability of the technology will be able to foster a solid amount of trust among consumers as their preferences always goes in the trend of environmental sustainability and ethical production, added Wei Shen.
He further stated that Blockchain has significant use cases in legal and regulatory spaces making it a significant technology for data protection as we progress towards data-driven analytics across all aspects of our lives.
At the end of the day, nothing is greater than having the trust of the communities in a concrete system that will be able to showcase everything they need to know. From the protocol to frameworks, this will foster a collaborative environment among stakeholders to consumers without the need for them to take any leaps of faith in what they want to put trust on. With that alone, a framework of integrity has been fully established for all parties that are involved in the ecosystem of future technology, Blockchain.
Everything takes time. For Blockchain to mature towards being fully governed and utilised in all sectors, is a process that needs proper care and attention. Wei Shen cites Bitcoin’s Proof-Of-Work (POW) mechanism, which validates transaction, as an example of challenges the technology faces, as it requires a huge amount of computing power to maintain the integrity of the chain which presents scalability or environmental problems.
“I think it is fair to say that a lot of the initial mainstream hype surrounding Blockchain has tempered down from the days where 1 Bitcoin was worth USD50,000, but that is probably for the best – allowing it to grow organically without needing to make any compromises for perceived short term gain,” said Wei Shen.
As we understand and realise the need for decentralised technology of Blockchain and future advancements, social norms will continue to evolve in all forms and the process will progress as per its due diligence to the society at large. Like everything else in life, there is always a time and place when the new status quo will be accepted.
Aspirasi is an end-to-end digital financial services platform that serves and empowers micro-enterprises and SME businesses. It offers a range of micro-financing solutions such as working capital, supply chain financing and invoice financing, along with micro-insurance products that include credit insurance, health insurance, term life insurance and travel insurance. Its aim is to help underserved communities achieve their business goals while providing support on their journey of dynamic financial growth.
Ong Wei Shen is a counsel for Aspirasi, a digital financial services provider under Axiata Digital, where his portfolio includes regulatory compliance, intellectual property and data protection. He read law at the London School of Economics and Political Science and was practicing as an intellectual property and technology lawyer in his past life.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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