Monetary Authority in Hong Kong is working along with major banks in order to launch a platform which will digitize the entire trading system. As a result, the finance system will be digitized as well. Moreover, a lot of activities will be automated as well. This platform will be based on the blockchain technology. As a result, the efficiency of this platform will be pretty high as well.
The proof of concept of this platform was launched in March 2018. This clearly indicates that the Monetary Authority of Hong Kong is actually pretty serious in launching such a platform.
With the help of such a platform, various trading activities can be synchronized. Moreover, the activities in the finance world can be synchronized as well. As a result, the purchase orders can be punched in quite easily. Moreover, corporate orders, as well as individual orders, can be handled as well. With the help of distributed ledgers, it will become much easier for the platform to handle a large volume of orders as well. Moreover, there will be no risk of identity theft or data theft as well. Since it would be based on the blockchain technology, the data will be encrypted. The encrypted data will also be present on many different servers as it will be distributed as well. This will ensure that the financing cost will be on the lower side. Moreover, it will help people access the training facilities more easily.
Persisting difficulties:
Even though the platform has been in development for a longer period of time but there have been difficulties in between. In February 2018, securities and futures commission issued a statement against cryptocurrencies as well as ICO’s. Thus, it remains to be seen whether cryptocurrencies and ICO’s will be a part of this platform or not. One thing is for sure that the traditional investment mechanisms, as well as the finance mechanisms, will be part of the platform. This will ensure that centralization is made possible as well.
With the launch of this platform, the credibility of blockchain technology will increase to the next level. As it will provide a whole host of Finance as well as trading services to the individuals as well as corporates, it will be widely used by all the stakeholders. This will certainly help it gain more and more traction. As it gains more and more traction, the real-world applications of blockchain technology will also begin to increase as it will be based on the blockchain technology.
