17 November 2020
HK Government Tech Lab Spotlights Next-Gen Blockchain Solutions
A tech company under the Hong Kong Smart Government Innovation Lab recently announced that it has launched a new solution which is now ready to be acquired by companies and institutions.
This piece first appeared on OpenGov Asia.
The solution, called ParallelChain™, is the company’s high-performance hybrid private blockchain system, with real-time updates and a speed of up to 100,000 Transactions Per Second (TPS). Businesses can utilise existing white-label blockchain solutions and build custom apps on solution’s distributed ledger technology to create “trustless trust” where between two or more businesses around the world enabling all types of transactions to take place without needing trust.
The solution was developed to be applied across a variety of areas including City Management, Commerce and Industry, Development, Finance as well as Infrastructure.
The solution uses Artificial Intelligence (AI) and Blockchain technologies.
By using the company’s suite of enterprise-focused blockchain products to create “trustless trust”, entities can remove reliance on traditional middlemen in industries such as finance, logistics, supply chain, cybersecurity, and process management such as auditing.
The blockchain includes features such as 100,000 transactions per second, <0.1 latency, privacy ordinance compliance, and provable immutability. Moreover, the firm’s technology has been audited by an international management consulting firm.
Supporting blockchain tech in Hong Kong
Blockchain technology has been developing rapidly in recent years and its applications have broadened. Not only is the technology being applied to various segments of the financial industry, but it has also expanded to cover other trades, allowing the process and storage of data to become more efficient and transparent.
This has facilitated the development of new business models. Several Cyberport community members firms are using blockchain technology to develop diversified solutions in the financial and non-financial industries. This includes enhancing asset transactions and improving business operation efficiency and transparency.
The Chief Public Mission Officer of Cyberport stated that the business park strongly believes that advancing Hong Kong’s innovation and technology development relies on a revolutionary and cutting-edge technology with the potential to grow. Blockchain is a ground-breaking technology that allows multiple parties to participate and collaborate.
The data storage and processing system is highly effective, transparent and credible. With its potential applications in the financial industry and other trades are far beyond imagination, Cyberport has identified blockchain as one of our key technology clusters.
The park takes the initiative to collaborate with leading companies in this realm to provide start-ups with knowledge and usage examples of blockchain applications. Within its community, a growing number of start-ups have successfully developed blockchain solutions that address the pain points of many industries. Not only has this enhanced a company’s operational efficiency and transparency, but it has also created many new business models.
Cyberport has implemented several measures to promote blockchain development. Key initiatives include teaming up with R3, a world-leading blockchain platform provider and FORMS HK, a pioneer of blockchain applications, to launch the “Block AdVenture Programme”.
The programme provides technical training for start-ups, assisting them in developing blockchain technology solutions. In promoting its applications for enterprises, Cyberport has launched the “Blockchain and RegTech Speaker Series” between this August and October, where the financial industry was briefed on blockchain’s applications in digital assets, insurance and compliance. Later in November, Cyberport will also co-organise “Hong Kong Blockchain Week 2020” to examine topical issues such as “decentralised finance” and blockchain applications for enterprises.