The global research chair at JP Morgan Securities Joyce Chang says that he thinks that blockchain technology is still a long way from institutionalization and it has key issues to solve before breaking out to cross-industry mass adoption scale. Chang explains her opinions while talking for an interview on the ‘’Americas’’ television show and we are reading more about it in today’s blockchain news.
She pointed out that the blockchain adoption is being ‘’spearheaded’’ by industries where the technology can really provide immediate gains and also made clear that she expects blockchain to have a huge impact on trade finance sectors in the next three to five years.
Another important area that she pointed out was the information sharing for which she said:
“We’ve moved beyond experimentation, it’s still in use case form, but we are seeing more adoption of the technology. Spain is ahead. The Australia Stock Exchange as well.”
She continued to explain:
“How do you get scale when the very nature of [the technology] is supposed to be decentralized? That’s the catch-22 about blockchain. I think they are still working through regulatory issues, also related to data privacy and security.”
Given the nature of these complex issues, Chang said that the main focus of the technology still remains reserved for specific use cases and that different industries pose problems for the technology in the current stage.
She believes that by using blockchain to digitize trade finance processes and trade documents has really gained attention in the last couple of months. She concluded that the impact of the blockchain for trade finance will unlikely reinvent the system but it will provide ‘’marginal improvements.’’
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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