As blockchain technology becomes more popular, those who control the wealth in Asia have decided to learn more about it. Yesterday, 130 of the most influential families in Asia had a summit in Singapore to learn about blockchain technology and its application in business. The group was made up of investors, entrepreneurs, and just members of old wealthy families. All these investors came together to listen to a group of some of the most prominent members of the cryptocurrency industry as they explained the concept. The summit was strictly based on invitation and it was hosted by Forbes with the title “Decrypting Blockchain for Business.”
Decrypting Blockchain Business
Anderson Tanoto, the director of Royal Golden Eagle, a conglomerate worth over $18 billion, talked about his interest in blockchain technology. He believes that the blockchain industry is made up of two herds of people. In his words:
“Blockchain technology is made up of two herds of people. One group wants to quickly get rich by trading cryptocurrencies. Another group wants to change the world with blockchain technology. I want to associate myself with the second group.”
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This isn’t the first time Tanoto is showing interest in blockchain technology. His father’s company RGE, launched an initiative known as the Sustainability Assurance and Innovative Alliance. The initiative was meant to use blockchain technology for the company’s vast palm oil supply chain. The Asian consortium of palm processors, oil palm growers and manufacturers of consumer goods intend to move about half of their palm oil supply chains to a blockchain. This project will be completed within the next two years. This investment is going to cut out intermediaries and increase transparency in the palm oil supply chain.
What Else Can Blockchain Do?
During the event, some other applications of blockchain technology were presented by Janil Puthucheary. Janil Puthucheary, is the senior minister of state in the Singaporean ministry of information, communication and transport. During the summit, he talked about how blockchain technology can be used to track goods on any supply chain. He also talked about how it can be used to automate payments in different sectors.
While he listed many benefits of blockchain, he also talked about some possible disadvantages. He said that he is working with other government offices to strike a balance in the use of blockchain. The idea is to reduce the risks attached to using distributed ledgers. In his words:
“Blockchain isn’t completely secure on its own. Just like every other tech, it has some vulnerabilities. However, because of some of its properties, it can offer a higher degree of security when compared to many other resources.”
Other prominent members of the industry like BTCC’s Bobby Lee, Binance’s Zhao Changpeng and Bloq’s Matthew Roszak also talked about various aspects of blockchain technology. The goal of the summit was to help these wealthy and influential members of the Asian environment get a degree of understanding of blockchain technology. The more they understand it, the more willing they would be to invest in the industry. Unfortunately, the current circumstances in the cryptocurrency market makes it hard for anyone to sell the technology to others.
Already, Asia is recording a lot of blockchain activity. Some experts now refer to it as the hub of blockchain technology.