04 September 2020
Digital Transaction shines a light on enterprise blockchain at the AAMA Technology Salon
Hong Kong, September 4, 2020 – Dr. Geoffrey Yuen, Chief Scientist at Digital Transaction Limited, has been invited to 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 and settlement and inter-operator roaming settlement to highlight why current blockchain enterprise projects are still stuck at the Proof of Concept stage and never come into reality. He then continued with a breakdown on the China-government-backed Blockchain Services Network (BSN) and offered insights on the initiative's global ambitions.
“Most blockchains still fall short of enterprise requirements for widescale 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 and not anonymous parties online; and they cannot depend on a probabilistic consensus process which involves mining, such as Proof of Work or Proof of Stake. Last but not the least, privacy protection is a must and full compliance to the European GDPR privacy ordinance is no longer an option”.
About Digital Transaction Limited
Founded in 2018, Digital Transaction Limited (DTL) is a breakthrough blockchain technology company founded in Hong Kong. DTL is the home of ParallelChain™, the fastest, most scalable and the only GDPR privacy compliant blockchain in the world with provable immutability. With 6 pending US patents, DTL’s unparalleled technology and applications accelerates the ubiquitous adoption of blockchain in the commercial space by solving all the current limitations of widescale enterprise blockchain deployment.