Hong Kong and Azerbaijan Develop Blockchain Based Platforms

Hong Kong has not been hesitant in adopting blockchain technology. In the past, country’s local football club partnered with blockchain gaming platform, eBoost, for providing various options to their fans. Moreover, a Hong Kong University was granted funds of about $20 million worth for developing electronic payment system using blockchain technology. Extending the applications of the blockchain technology, Hong Kong Exchange and Clearing Limited (HKEX) has recently announced that it will be developing a blockchain platform to allow trading and associated trading activities on their platform.

Sebastien Meunier, a fintech influencer, head of Digital for North America at the Chappuis Halder & Co., a consulting firm in New York, considers technology as an enabler to a solution. On enquiring whether blockchain is the best enabler or not, he talked to BlockPublisher and shared his views. He said:

There is no “best”. The tech enabler has to be selected depending on the business use case.

Charles Li, CEO of HKEX, was the one who came up with the plan at a tech event in Hong Kong. He proposed that DLT was capable of minimizing the challenges faced by global investors and HKEX participants. He considered the initiative as the road leading to ‘innovation and revolution.’

Apart from Hong Kong, Azerbaijan made a move towards blockchain based systems as well. In very recent, Osman Gunduz, the chairman of the Azerbaijani Internet Forum (AMF), told that the country would be appointing the use of blockchain technology and smart contract for housing and utility sector.

Gunduz stated the ministry was keen in blockchain technology. He further added that with smart contracts in the fields of public utilities that included water, gas and electricity supply, transparency will be introduced in the domain of utilities. The transparency is suggested to additionally reduce the chances of falsifications and tampering in the domain of utilities. Furthermore, the idea is aiming to offer control to the citizens so they can independently supervise their utilities manage them effectively.

In the past, The Central Bank of Azerbaijan (CBA) collaborated with IBM to increase the efficiency of Azerbaijan’s economy while using the blockchain technology. The bank successfully drew a five-year plan with IBM for deploying blockchain technology for country’s economy.

Many countries are using blockchain technology to gain benefits. Honk Kong and Azerbaijan have also decided to launch their own projects that use blockchain technology for pocketing advantages.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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