The block chain pilot project has caused a sensation in Asian developing countries


nnnWalking Comments: block chain in the world have set off a wave of test applications, then the technology in the Asia-Pacific region in developing countries have what kind of experience? In this paper, we introduce a series of activities carried out by developing countries such as Georgia, Cambodia, Indonesia and Myanmar, and in general, finance is one of the areas where the chain chains are more active in the region. In view of the fact that these countries lack the need to replace the traditional system and the lack of supervision of infrastructure and other reasons, there is indeed an opportunity, but at the same time with the maturity of the technology, also raised some concerns.n
nnTranslation: Clovern
nWe all feel the lively atmosphere of the potential application of block chain technology. But what is happening in developing countries in the Asia-Pacific region?n
nIn addition to the payment and remittance applications of Bitcoin, most of the existence of block chains is still in the pilot phase. Governments and banks are working with technology companies to see if chain chains can be used to address sustainability issues such as traceability, identity and trust.n
nLet us clearly understand these hypothetical questions. But first of all, we need to know what the block chain is in the end The block chain is a database that can be recorded, and can put these records into a block (for example, a bit similar to your Excel file in a worksheet).n
nAnd then use the encrypted signature to “link” each block to the previous block. This allows the block chain to be used as a classified book, and anyone with the privilege can share and confirm it.n
nIn short, it is point-to-point data sharing – no need for any trusted intermediate structure. So now let’s take a look at how countries use block-chain technology.n
nn
nGeorgia – land registrationn
nIn 2016, Georgia and the registered suppliers in the United States launched a pilot project based on the block chain platform for the National Public Registration Board to record land ownership and integrate it into existing digital recording systems.n
nGeorgians can now register land ownership and verify the date of the transaction, thereby increasing transparency and accountability. In 2017, the original agreement extended to include other government departments.n
nTechnically, the system consists of two parts. The government records the transaction chain using the private chain, as well as the public chain. Information about ownership will be made publicly available, and for the protection of the owner’s privacy, the underlying data of the information will not be disclosed.n
nn
nCambodia – payment systemn
nLast April, the National Bank of Cambodia (NBC) signed an agreement with a Japanese start-up to develop a new payment system. The payment system is expected to open the testing phase by the end of this year.n
nThe project aims to design an interbank trading system and will provide a safe and cost-effective way of transferring money. In a country where a commercial bank infrastructure is still evolving but has reliable mobile technology and connectivity, it will benefit a lot.n
nAnd the uniqueness of this project lies in the partnership between partners. The technology provider will build the infrastructure, while the Cambodian National Bank will provide financial support for the start-up.n
nOn a global scale, multinational central banks have been exploring the potential of chain chains. The International Monetary Fund is also encouraging this activity and urging banks to further study their impact.n
nn
nIndonesia – Sustainable supply chainn
nIn the first half of the year, a British company launched a block chain pilot project to trace the yellowfin tuna and bonito caught by local fishermen as part of a sustainable supply chain.n
nThis will provide proof of origin compliance, which may replace the current difficult to verify and vulnerable to corruption of the paper records.n
nThe system combines mobile technology with block chains. The fishermen recorded the products they had captured by SMS to the chain. The non-governmental organization subsequently verifies and adds additional data. Once the information is transferred through the supply chain, the information can not be changed and the data can be viewed through the entire history of the product.n
nTransparency in supply chain commodities is rapidly moving forward, and the sources of these commodities are likely to affect the choice of consumers, and the use of block chains to achieve transparency is gaining further attention.n
nn
nMyanmar – microfinance transactionsn
nMyanmar’s largest microfinance institution, BC Finance, is working with Japanese companies to record transactions on the chain.n
nThe two organizations hope that this initiative will reduce costs and reduce the management complexity of tracking large amounts of small transactions, thus contributing to the development of the industry.n
nIt is expected that block-chain technology is very useful in countries such as Myanmar that have not yet established an advanced accounting system. However, there are still frequent power outages and local low-quality circuits and other obstacles.n
nIn general, finance – especially trade finance, is one of the areas where block chains are more active. Commercial banks across the region have participated in alliances to provide block-chain solutions for very expensive, slow and opaque trade processes.n
nn
nBasic argumentn
nPartition chain pilot projects in Asia, developing countries set off a wave of two reasons.n
nThe first reason is that most developing countries do not need to replace the traditional system. Block chains can bring the first upgrade to an existing inefficient system or introduce an infrastructure that does not exist before.n
nAnd the second reason is that the infrastructure from many countries in the region is less regulated, and it is for this reason that there is widespread concern. So far, this is an opportunity, but with the gradual development of technology mature, which also raised some concerns.n
nThe Asian Development Bank (ADB) can play a very important role in ensuring that the block chains are implemented in a manner that is suitable for development. We can bring together regulators, best practices, IT specialists, and officials to ensure that everyone agrees.n

Leave a Reply

Your email address will not be published. Required fields are marked *