What is blockchain?

A blockchain is a relatively new form of database for storing data and digital information more securely with the help of cryptography. As we all know, most financial record databases are maintained by a central institution. With the blockchain database, centralized authority is replaced by decentralized computing in a transparent form, where everyone can see the details of each record. The blockchain is playing a role as a real-time ledger to record everything, from financial transactions to contracts, to physical assets, to supply chain information, it knows more than you! Hence, the need for a third party to make a transaction between consumers and suppliers are eliminated. But keep in mind that there is actually no person or organization in charge of the entire chain, which is why blockchain is such an ingenious invention.

Why is this important?

If blockchain goes mainstream, anyone with access to the internet would be able to use it for transactions, translating into a multi-billion dollar market! Here are 5 genuine reasons to go with blockchain in your business:

1. Banking and Payments

Blockchain allows anyone to make a transaction in a faster and more efficient way, anywhere at any time. With the help of cryptography, security is no longer a concern.

2. Cybersecurity

With advanced cryptography, all data are verified and encrypted in the blockchain, making it resistant to unauthorized changes and hacks.

3. Unified Communications

Blockchains enables faster, more secure and more reliable automated communication. Emails, system alerts, and call notifications are a must in the business world, blockchain can help to produce an accurate record of communication based on pre-built algorithms.

Blockchain is undoubtedly the fastest-growing digital technology since the evolution of the internet. Today, corporates and startups are jumping on the blockchain trend and looking for different ways to promote their ideas by applying this new technology. Here are some of the interesting up-and-coming blockchain startups and projects in Hong Kong:

CryptoBLK – A technology company focusing on building, deploying, and operating DLT solutions and systems for various financial services domains.

Gatecoin – A well-rounded blockchain platform in the market. It allows users to initiate in bitcoin trading and avail merchant-related financial services based on the bitcoin blockchain network.

ANXPRO - An advanced trading platform designed for experienced digital assets traders and specializes in Altcoins, Algos and Performance.

LikeCoin – A blockchain protocol for independent content creators, which provides a mechanism for creators worldwide to be rewarded for their original or derivative work