01 September 2020
DTL shines a light on enterprise blockchain at the AAMA Technology Salon
HONG KONG, AAMA Technology Salon [04.09.2020] – Dr. Geoffrey Yuen, Chief Scientist for Digital Transaction Limited, an innovative blockchain start-up based in Hong Kong, joined the Asia America Multi-Technology Association (AAMA) salon to discuss the progress and status of blockchain and digital currencies in China and Asia.
Dr. Yuen presented examples from the stock exchange post-trade clearance & settlement and inter-operator roaming settlement to highlight why so many blockchain enterprise projects still get stuck at the proof-of-concept stage and never become reality.
“Most blockchains still fall short of enterprise requirements for wide-scale deployments”, Dr. Yuen states, “four main hurdles are impacting the broad adoption of blockchain in the commercial space: the lack of usable performance considering that most enterprises need greater than 5000 transactions per second, and less than 100 msec latency; in addition, businesses needs to work with known, not anonymous parties online; and they cannot depend on a probabilistic consensus process which involves mining, such as proof-of-work or -stake. Last but not least, privacy protection is a must and full compliance to the European GDPR privacy ordinance is no longer an option”.
Dr Yuen then continued with observations on China’s government Blockchain Services Network (BSN) initiative and offered insights on BSN’s global ambitions.