Asias wealthiest entrepreneurs embrace blockchain tech

Blockchain

Recently, a group of some of the most promising entrepreneurs in Asia gathered in Singapore to learn more about blockchain technology and its potential use cases for their own enterprises.

Despite Bitcoins massive decline over the past month, interest in blockchain is still growing, and some of the brightest minds in business still see a lot of potential in its adoption.

The group of some of Asias wealthiest are looking to join the likes of JPMorgan, Bank of America, WalMart, Apple and other major companies exploring the blockchain space.

The invitation-only event, sponsored by Forbes Asia, Deciphering Blockchain For Business, featured young and old attendees from all over the continent, eager to learn more about the technology.

Supply Chain Management

One speaker, Anderson Tanoto, director of the $18 billion Royal Golden Eagle (RGE) manufacturing conglomerate, explained the benefits of using blockchain technology in supply chain management.

RGE, for its part, is aiming to move its palm oil supply chain onto a blockchain, citing better security, efficiency, and transparency. Though RGE is leading this charge, the company is part of a larger consortium, the Sustainability Assurance & Innovation Alliance, which together controls over half the worlds supply of palm oil and plans on following suit.

There are two herds of people in blockchain. Those who want to get rich off crypto, and those who want to change the world with blockchain. I would like to associate myself with the second group, Tanoto explained.

Smart Cities

Though the primary focus of the conference centered around business applications, one speaker jumped on top of the benefits for governments embracing the new tech.

Janil Puthucheary, Singapores senior minister of state at the ministry of communications and information and the ministry of transport, is a driving force behind Singapores Smart City initiative, and believes that blockchain technology is a vital tool in making that idea a reality.

Puthucheary noted several industries, specifically, which stand to benefit from blockchain adoption, including healthcare, transportation and finance. Additionally, Puthucheary highlighted specific security benefits that blockchain tech brings to the table.

He went on to say that the countrys cybersecurity experts were working with government organizations to explore the benefits of the tech to track resources and cut back on human error.

Blockchain is not inherently secure, by itself, said Puthucheary, adding No tech is. But it does have some properties that could ensure a higher degree of securities with few resources.

Big Blockchain

With blockchain technology finally maturing, its clear that Big Business is taking note.

Already, major enterprises are using functioning blockchains to improve supply chains, settle contracts and improve the efficiency of financial transactions.

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Tags: Blockchain, Singapore, Asia, Wealth, Entrepreneurship, Bank of America, Royal Golden Eagle, Forbes, Janil Puthucheary, BP