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Feasibilities Study of
Blockchain Ecosystem
in Asia Region
BY EFFENDY ZULKIFLY
CEO, BLOCKCHAIN ACADEMY ASIA
CO-FOUNDER, CRYPTO VALLEY MALAYSIA
CONTENTS
1. My Involvement In Blockchain World
2. Government & Corporate Issues
3. Asia Blockchain Ecosystem
4. Malaysia Blockchain Ecosystem
5. Blockchain Use Cases
6. Challenges & Limitations
7. What’s Next!
8. Conclusion
SUMMARY
(Key Findings)
• Blockchain embodies the new business value of “trust.”
• IT infrastructure readiness will make or break the future of blockchain
• Collaboration is the basis for blockchain innovation.
• Go slow before you get fast (3 A – Awareness, Adoption & Acceptance).
• A flexible strategy will help overcome security, privacy, scalability and
interoperability challenges.
BANKING
ECOSYSTEM
&
BLOCKCHAIN
ADOPTIOn
OCBC Bank is the first Southeast Asian Bank to use a
payment blockchain solution to make local and cross-border interbank
fund transfers between itself and its subsidiaries.
The Hong Kong Monetary Authority and the Monetary
Authority of Singapore plan to launch a project using distributed
ledger technology for trade finance cross-border infrastructure.
The Australian Securities Exchange is considering the use of a
distributed ledger platform to upgrade its settlement system.
BOC Hong Kong (Holdings) Ltd. is planning to use the
technology to improve the efficiency of processing mortgages.
BANKING ECOSYSTEM & BLOCKCHAIN
ADOPTION
Saudi Arabia’s Islamic
Development Bank plans to
use blockchain technology to develop
Shariacompliant products, aiming to
support financial inclusion efforts across
its member countries.
The Monetary Authority of
Singapore has completed a proof-
of-concept trial that uses distributed
ledger technology to power domestic
interbank payments, proving that early
adoption is possible in areas with
relatively modest technical, legal and
regulatory demands.
Japan’s megabanks and
SBI Holdings are backing
initiatives on blockchain
technology and applications in the
areas of digital currency,
infrastructure, payment and
transactions.27
With TRESCON GLOBAL in World Blockchain Summit 2017
My Blockchain R&D Journey
R&D Journey :
My involvement in Worldwide FinTech &
Blockchain Events
(Year 2016 & 2017)
North American Bitcoin
Conference, Miami,
Jan 2016
Keynote World Blockchain
Forum, Burj Al Dubai, March
2017
iFX Expo Asia
Bitcoin Conference,
HK, Feb 2017
10th China Forex Expo
Shenzen China, Oct 2016
Keynote Blockchain
Forum, Brussels,
Nov 2016
Money, Blockchain
Conference, London,
Nov 2016
Singapore Fintech
Festival, Nov 2016
[ BLOCKCHAIN POTENTIAL APPLICATIONS]
Asia Blockchain Ecosystem
• Blockchain is enabler for
other hig tech such as IOT,
Machine Learning, AI
• 100 Million users of
Blockchain worldwide
• The value of transaction or
cryptonomics will be 53rd
wealthiest nation
Regulatory Issues
&
Corporate Governance
The role of regulation and regulatory
frameworks
Crypto Forensic Analytics
Government
Related Initiatives
Blockchain in the Public Sector
One year ago: 117 Initiatives in 26 Countries
Source: Deloitte analysis in conjunction with the Fletcher School at Tufts University
(March 2017)
Blockchain in the Public Sector
Now: 202 Blockchain Initiatives in 45 Countries
Source: OECD analysis of data collected by The Illinois Blockchain Initiative (March 2018)
Where Government can adopt Blockchain Technology?
Blockchain Use Cases
Blockchain in the Public Sector
Potential Use Cases
Use Case Description
Identity Establishing and maintaining identities for citizens and residents (birth
certificates, marriage licenses, visas, death records).
Personal records Interoperable health records, insurance records, etc.
Land title registry Details and historic records related to real estate and property transactions.
Supply chain management,
inventorying
Tracking an asset from its creation, transportation, purchase, and
inventorying.
Benefits, entitlements, and aid Social security, medical benefits payments, domestic and international aid.
Anticipatory/automated payments could be automated through Smart
Contracts.
Contract and vendor management Tracking and paying vendors, managing purchase commitments and
transactions, and monitoring schedule performance. Can allow for perfect
transparency of government expenditures.
Voting Enabling new methods of digital voting, ensuring eligibility, accurate
counting, and auditing (e.g., to avoid ballot-rigging).
Streamlining interagency processes Blockchains and smart contracts can automate transaction handling and
improve information sharing – allows each agency to better focus on their
own mission and tech without as much need to consider others tech.
Blockchain in the Public Sector
Project Ubin (Singapore)
Problem:
The Monetary Authority of Singapore (MAS) conducted a study that found that Inter-bank payments within Singapore
and cross-border financial transactions were inefficient and slow.
Solution:
MAS partnered with R3– a consortium of banks and regulators to create a prototype for a Blockchain-based digital
Singaporean dollar to facilitate digital transactions. This would allow for incorruptibility of records through a
decentralised trust system, but also 24 hour processing with no centralised – i.e. human-based – checks required. The
partnership has successfully developed software prototypes of three different models for decentralised inter-bank
payment that are now being explored. MAS has published the source code as open source software on GitHub.
Malaysia Blockchain Ecosystem
USE CASES IN MALAYSIA
CHALLENGES & LIMITATIONS
Blockchain in the Public Sector
Challenges & Limitations
Blockchain is not a cure-all
0 1
IMMUTABILITY
A Blockchain is an add-only list. Once data is
added, it can’t be removed. Perhaps not a good
fit when updating/deleting data is a regular
occurrence.
0 2
DATA STORAGE
Databases are often used to store large
amounts of data (images, docs, apps, etc.).
However, Blockchain is designed for small
pockets of data. If data storage is needed,
Blockchain may not be a good fit, or a hybrid
solution may ne needed.
0 3
TALKING ABOUT BLOCKCHAIN
The act of explaining blockchain to public
officials and civil servants is difficult. De-linking
blockchain from Bitcoin and discussing how it
can improve efficiency and strengthen mission
effectiveness can help.
0 4
COSTS
Higher short-term costs associated with a still-
emerging technology prevent its widespread use.
Blockchain-as-a-service products are starting to be
offered that can allow for experimentation.
0 5
BLOCKERS
People often flag issues such as energy consumption
and scalability as Blockchain blockers. However,
many of these are irrelevant to government Blockchain
implementations (i.e., only apply to Proof of Work
consensus on permissionless/pubic blockchains).
0 6
CODING & GOVERNANCE MODELS
Blockchains are known for eliminating the need for central
authority, but this is not entirely true. They must be coded
and governed by those entrusted with key roles.
Governments must build a technical knowledge base to
ensure these decisions are made well (even if the actual
coding is outsourced).
WHAT’S NEXT?
A few things that will need to come first:
1. Harmonized frameworks,
2. Education within industries,
3. Collaboration across industries,
4. Proving more the public benefits.
Trainings and Courses
Offline Courses
1. Blockchain 101 : Certificate of Blockchain Fundamentals
2. Blockchain 101 : Crypto Digital Asset Workshop
3. Blockchain Developers Hackathon
4. Smart Contracts Workshop
5. Ethereum: Zero to DAPP Workshop
Online Courses
1. Basic Blockchain Foundations
2. Blockchain Intensive I: Blockchain & Bitcoin
3. Blockchain Intensive II: The Financial Sector
4. Blockchain Intensive III: The Industry
5. The Crypto Trading & Mining Course
BLOCKCHAIN 101 : MODULES STRUCTURE
Business Track IT Track
1) CERTIFICATE OF BLOCKCHAIN FUNDAMENTALS (2 DAYS)
3) CERTIFICATE OF BLOCKCHAIN
ADVANCED / EXPERT (4 DAYS)
2) CERTIFICATE OF BLOCKCHAIN
INTERMEDIATE (4 DAYS)
4) USE CASE PAPERWORK SUBMISSION (2 MONTHS)
Precious
Moments
With VVIP in Blockchain Ecosystem
Feasibilities Study of Blockchain Ecosystem in Asia Region
Feasibilities Study of Blockchain Ecosystem in Asia Region
Feasibilities Study of Blockchain Ecosystem in Asia Region

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Feasibilities Study of Blockchain Ecosystem in Asia Region

  • 1. Feasibilities Study of Blockchain Ecosystem in Asia Region BY EFFENDY ZULKIFLY CEO, BLOCKCHAIN ACADEMY ASIA CO-FOUNDER, CRYPTO VALLEY MALAYSIA
  • 2. CONTENTS 1. My Involvement In Blockchain World 2. Government & Corporate Issues 3. Asia Blockchain Ecosystem 4. Malaysia Blockchain Ecosystem 5. Blockchain Use Cases 6. Challenges & Limitations 7. What’s Next! 8. Conclusion
  • 3. SUMMARY (Key Findings) • Blockchain embodies the new business value of “trust.” • IT infrastructure readiness will make or break the future of blockchain • Collaboration is the basis for blockchain innovation. • Go slow before you get fast (3 A – Awareness, Adoption & Acceptance). • A flexible strategy will help overcome security, privacy, scalability and interoperability challenges.
  • 4. BANKING ECOSYSTEM & BLOCKCHAIN ADOPTIOn OCBC Bank is the first Southeast Asian Bank to use a payment blockchain solution to make local and cross-border interbank fund transfers between itself and its subsidiaries. The Hong Kong Monetary Authority and the Monetary Authority of Singapore plan to launch a project using distributed ledger technology for trade finance cross-border infrastructure. The Australian Securities Exchange is considering the use of a distributed ledger platform to upgrade its settlement system. BOC Hong Kong (Holdings) Ltd. is planning to use the technology to improve the efficiency of processing mortgages.
  • 5. BANKING ECOSYSTEM & BLOCKCHAIN ADOPTION Saudi Arabia’s Islamic Development Bank plans to use blockchain technology to develop Shariacompliant products, aiming to support financial inclusion efforts across its member countries. The Monetary Authority of Singapore has completed a proof- of-concept trial that uses distributed ledger technology to power domestic interbank payments, proving that early adoption is possible in areas with relatively modest technical, legal and regulatory demands. Japan’s megabanks and SBI Holdings are backing initiatives on blockchain technology and applications in the areas of digital currency, infrastructure, payment and transactions.27
  • 6. With TRESCON GLOBAL in World Blockchain Summit 2017
  • 7. My Blockchain R&D Journey R&D Journey : My involvement in Worldwide FinTech & Blockchain Events (Year 2016 & 2017) North American Bitcoin Conference, Miami, Jan 2016 Keynote World Blockchain Forum, Burj Al Dubai, March 2017 iFX Expo Asia Bitcoin Conference, HK, Feb 2017 10th China Forex Expo Shenzen China, Oct 2016 Keynote Blockchain Forum, Brussels, Nov 2016 Money, Blockchain Conference, London, Nov 2016 Singapore Fintech Festival, Nov 2016
  • 8. [ BLOCKCHAIN POTENTIAL APPLICATIONS]
  • 10. • Blockchain is enabler for other hig tech such as IOT, Machine Learning, AI • 100 Million users of Blockchain worldwide
  • 11. • The value of transaction or cryptonomics will be 53rd wealthiest nation
  • 12.
  • 14.
  • 15. The role of regulation and regulatory frameworks
  • 16.
  • 18.
  • 19.
  • 21.
  • 22. Blockchain in the Public Sector One year ago: 117 Initiatives in 26 Countries Source: Deloitte analysis in conjunction with the Fletcher School at Tufts University (March 2017)
  • 23. Blockchain in the Public Sector Now: 202 Blockchain Initiatives in 45 Countries Source: OECD analysis of data collected by The Illinois Blockchain Initiative (March 2018)
  • 24. Where Government can adopt Blockchain Technology?
  • 26.
  • 27. Blockchain in the Public Sector Potential Use Cases Use Case Description Identity Establishing and maintaining identities for citizens and residents (birth certificates, marriage licenses, visas, death records). Personal records Interoperable health records, insurance records, etc. Land title registry Details and historic records related to real estate and property transactions. Supply chain management, inventorying Tracking an asset from its creation, transportation, purchase, and inventorying. Benefits, entitlements, and aid Social security, medical benefits payments, domestic and international aid. Anticipatory/automated payments could be automated through Smart Contracts. Contract and vendor management Tracking and paying vendors, managing purchase commitments and transactions, and monitoring schedule performance. Can allow for perfect transparency of government expenditures. Voting Enabling new methods of digital voting, ensuring eligibility, accurate counting, and auditing (e.g., to avoid ballot-rigging). Streamlining interagency processes Blockchains and smart contracts can automate transaction handling and improve information sharing – allows each agency to better focus on their own mission and tech without as much need to consider others tech.
  • 28. Blockchain in the Public Sector Project Ubin (Singapore) Problem: The Monetary Authority of Singapore (MAS) conducted a study that found that Inter-bank payments within Singapore and cross-border financial transactions were inefficient and slow. Solution: MAS partnered with R3– a consortium of banks and regulators to create a prototype for a Blockchain-based digital Singaporean dollar to facilitate digital transactions. This would allow for incorruptibility of records through a decentralised trust system, but also 24 hour processing with no centralised – i.e. human-based – checks required. The partnership has successfully developed software prototypes of three different models for decentralised inter-bank payment that are now being explored. MAS has published the source code as open source software on GitHub.
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  • 32. USE CASES IN MALAYSIA
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  • 41. Blockchain in the Public Sector Challenges & Limitations Blockchain is not a cure-all 0 1 IMMUTABILITY A Blockchain is an add-only list. Once data is added, it can’t be removed. Perhaps not a good fit when updating/deleting data is a regular occurrence. 0 2 DATA STORAGE Databases are often used to store large amounts of data (images, docs, apps, etc.). However, Blockchain is designed for small pockets of data. If data storage is needed, Blockchain may not be a good fit, or a hybrid solution may ne needed. 0 3 TALKING ABOUT BLOCKCHAIN The act of explaining blockchain to public officials and civil servants is difficult. De-linking blockchain from Bitcoin and discussing how it can improve efficiency and strengthen mission effectiveness can help. 0 4 COSTS Higher short-term costs associated with a still- emerging technology prevent its widespread use. Blockchain-as-a-service products are starting to be offered that can allow for experimentation. 0 5 BLOCKERS People often flag issues such as energy consumption and scalability as Blockchain blockers. However, many of these are irrelevant to government Blockchain implementations (i.e., only apply to Proof of Work consensus on permissionless/pubic blockchains). 0 6 CODING & GOVERNANCE MODELS Blockchains are known for eliminating the need for central authority, but this is not entirely true. They must be coded and governed by those entrusted with key roles. Governments must build a technical knowledge base to ensure these decisions are made well (even if the actual coding is outsourced).
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  • 43. WHAT’S NEXT? A few things that will need to come first: 1. Harmonized frameworks, 2. Education within industries, 3. Collaboration across industries, 4. Proving more the public benefits.
  • 44. Trainings and Courses Offline Courses 1. Blockchain 101 : Certificate of Blockchain Fundamentals 2. Blockchain 101 : Crypto Digital Asset Workshop 3. Blockchain Developers Hackathon 4. Smart Contracts Workshop 5. Ethereum: Zero to DAPP Workshop Online Courses 1. Basic Blockchain Foundations 2. Blockchain Intensive I: Blockchain & Bitcoin 3. Blockchain Intensive II: The Financial Sector 4. Blockchain Intensive III: The Industry 5. The Crypto Trading & Mining Course
  • 45. BLOCKCHAIN 101 : MODULES STRUCTURE Business Track IT Track 1) CERTIFICATE OF BLOCKCHAIN FUNDAMENTALS (2 DAYS) 3) CERTIFICATE OF BLOCKCHAIN ADVANCED / EXPERT (4 DAYS) 2) CERTIFICATE OF BLOCKCHAIN INTERMEDIATE (4 DAYS) 4) USE CASE PAPERWORK SUBMISSION (2 MONTHS)
  • 47. With VVIP in Blockchain Ecosystem