Bitcoin: is it a bubble waiting to burst or a good investment?

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By deploying blockchain in their back offices, several companies are aiming to disrupt the traditional role of banks in extending loans and attracting deposits.

Several financial technology companies in China and Hong Kong are showing blockchain based share sale processing times blockchain has so much more to offer than just cryptocurrency trading. By applying the decentralised ledger technology to various parts of their back office, these companies have dramatically boosted their clientele while cutting back-office manpower.

The use of blockchain also protects investors as it preserves incorruptible transaction records. And, in this process, they might also be disrupting the role traditionally played by banks in extending finance. Although banks are also exploring ways of incorporating blockchain into their operations, it is fintech companies, which are more agile and flexible in their organisational structure, that are embracing innovation faster than their banking counterparts.

Financial inclusion — extending credit to underserved segments that blockchain based share sale processing times limited access to bank services — is also being advanced further through blockchain. And as the technology becomes more widely deployed at the enterprise level, some argue it has the potential to replace jobs performed by auditors, notaries and lawyers, and other back-office roles in financial institutions.

Chong Sing Holdings Fintech Group, a Hong Kong-listed company that provides loans to small and medium enterprises and retail borrowers in China, has registered more than four billion transaction records using blockchain platforms developed in-house over the past six months. Chief executive Phang Yew-Kiat said he anticipates blockchain will help the company save at least 30 per cent of its back-office support resources in the coming 12 months.

It simplifies the entire operation as we only need to deal with one single record of truth — and manpower savings will come from the elimination of blockchain based share sale processing times reconciliation and account maintenance work. Chong Sing Holdings currently runs four major businesses: The companies have also formed a joint venture in Shenzhen blockchain based share sale processing times make mobile bitcoin mining hardware. Unlike commercial banks that operate across several branches, fintech companies often rely entirely on their online presence to facilitate loans and investments from individuals looking to lend their money for a yield.

Hence, for fintech companies such as Chong Sing Holdings the ability to execute borrowing or investment requests around the clock is important for growing their user base — and ideally, transaction volume. This means a repayment from a borrower can be automatically allocated to the accounts of investors once the repayment is recorded in the designated bank account.

Some industry players say smart contracts can be thought of as digital, self-executing contracts that are stored and executed by a network of computers blockchain based share sale processing times run the blockchain. Chong Sing Holdings has a team of programmers dedicated to the deployment of blockchain technology in its businesses. As of endthe company had blockchain based share sale processing times members, according to its annual report.

It has not released its annual results yet. Ultimately, this lowers the risk of data tampering and blockchain is a cost-effective way of enhancing data protection, industry players say. Smart contracts are digital contracts that have been coded with the specific rules and penalties included in an agreement just like a traditional contract, and the validating nodes within blockchain based share sale processing times blockchain network, which receive transaction data from users and transactions, will automatically enforce these obligations.

The use of smart contracts provides the basis for investors to lodge their claims if, for example, the US borrowers default on their loans. It, however, remains untested whether foreign investors can indeed seek, for example, a class action against defaulting US borrowers using smart contracts to enforce their claims. Meanwhile, in the asset management industry initial tests have been carried out on blockchain based share sale processing times blockchain-based digitalised transaction network for trading and settling mutual funds across all the intermediaries involved.

These parties range from banks or financial advisers to fund distributors, fund manufacturers, transfer agents and custodians. The life cycle of a mutual fund transaction, blockchain based share sale processing times routing the subscription orders to settlement, reconciliations, and the distribution of market data and analytics, involves various parties that need to record and reconcile their interactions independently using their own processes and IT systems.

According to Ken Tregidgo, deputy chief executive at Calastone, the London company that provides fund order routing and connectivity services to the fund industry, said in Asia the industry blockchain based share sale processing times relied on manual processes and paper forms, often transmitted through fax, to process fund transactions.

This creates inefficiencies, high costs, operational risks and delayed settlements, which can increase during peak processing times and times of market stress. But this will still be based on a private blockchain — or a permission-based network that places restrictions on who is allowed in — to protect privacy.

Calastone plans to go live on blockchain starting IO, which, upon its expected launch in June, will enable developers to build and deploy decentralised blockchain applications at the enterprise level. It started a token sale process in July that will last blockchain based share sale processing times June this year.

Tama Churchouse, a partner, said the token sale was not a fundraising exercise, as Block. A block contains a collection of validated transactions. Several blockchain platforms exist today and some, such as hyperledger or corda, are restricted to registered members only.

IO is being developed to fill that gap, as it is an operating system that is more cost-effective than other blockchains. With EOS, users do not pay on a transactional basis. If they need to use 1 per cent of the global EOS. IO network bandwidth, they will buy 1 per cent of the outstanding tokens. IO has a global community of 30, developers, advisers and miners. KYC is a customer onboarding process that financial institutions perform before doing business with them.

As interest grows among banks, the financial industry is on its way to directing more resources towards blockchain and its use for increased transparency, data and record authenticity and faster access to credit — ultimately a more financially inclusive society unachievable by just the trading of cryptocurrencies.

Smart contracts are also being used by FinEx Asia, a Hong Kong-based asset manager focusing on facilitating Asian investments in US consumer loans, to strengthen protection for investors putting money into cross-border assets. FinEx Asia has partnered with leading Chinese fintech company Dianrong and is using its blockchain technology, which is blockchain based share sale processing times on ethereum, to offer investors on its platform immutable records of their investments.

Home The latest news Life beyond cryptocurrencies — Hong Kong and China fintech firms show there is more to blockchain. Print Share This Page. Life beyond cryptocurrencies — Hong Kong and China fintech firms show there is more to blockchain. Fund distribution on blockchain Meanwhile, in the asset management industry initial tests have been carried out on a blockchain-based digitalised transaction network for trading and settling mutual funds across all the intermediaries involved.

Birth of a new blockchain Block. Your information was successfully submitted.

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