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Glimpse into the Future At Hong Kong Blockchain Week
FinTech, Blockchain, Financial Services, Healthtech
The first thing to know about blockchain technology is that there is a lot to know.
There is, of course, Bitcoin, which has always been seen as Batman to blockchain’s Robin, or vice-versa. But since those early days when Bitcoin and blockchain were seemingly joined at the hip, the nascent technology has begun to outgrow its exclusivity with cryptocurrencies: From global payments to the travel industry to the real estate business and beyond, the possibilities for blockchain’s utilization in the near future seem limitless.
The near future is not, obviously, the same thing as right now: The reality is that the the application of blockchain as a tool of innovation is mostly theoretical at the moment in every industry outside of Bitcoin and the cryptocurrency space. And because any attempt at innovation often gets met with equal parts excitement and skepticism, it’s not surprising that doubts have been raised about the progress blockchain has made thus far – or the lack thereof, as it were.
And while the economist Nouriel Roubini – who, granted, is nicknamed “Dr. Doom” – is already talking about blockchain’s “broken promises,” it doesn’t seem like most people are as quick to dismiss the technology’s potential. Instead, there seems to be an air of cautious optimism, with people excited by its potential, but still waiting for its potential to be realized in real-world applications before they believe the hype.
In a survey conducted by consulting firm Deloitte of over 1,000 executives across the globe, which found that although 74 of respondents said their companies see a “compelling business case” for using blockchain technology, only 34 percent said their company has initiated deployment of blockchain in some capacity. And while “a significant percentage of early adopters in the business community (59 percent) believe in blockchain’s potential to disrupt and revolutionize their industries, and the overall economy,” the reality is “there are very few active use cases they can currently employ to advance their beliefs.”
And yet, 78 percent of the executives surveyed by Deloitte “believe they stand to lose competitive advantage if they do not eventually implement blockchain.”
So we return to our original premise: There is indeed a lot to know about blockchain. But knowledge is power, of course, and whether you’re an early adopter of blockchain technology or a neophyte trying to catch up, Hong Kong Blockchain Week, presented by NexChange on March 4-8, is the largest blockchain event in Hong Kong and the perfect opportunity to learn about the real-world applications of blockchain, discuss the opportunities it presents for innovation in your industry and connect with other people in the fledgling space.
Among the topics that will be covered during the week include:
- Government and Blockchain in which we focus on use cases
- Financial Services and Blockchain in which we look at how big banks and insurance companies are using the technology
- Big Corporate and Blockchain in which we explore how it’s being used by Fortune 500 and other companies
- Technological Advancement and Blockchain in which we geek out about how to solve blockchain’s challenges
- Governance and Blockchain in which we talk about creating governance structures that deliver on the democratization promised by blockchain
There is a lot of ground to cover when it comes to better understanding the opportunities and challenges with blockchain; luckily, we’ll have a week to take a deep dive into the technology. We hope you join us. To register for Hong Kong Blockchain Week, just go here.
Photo: Getty iStock