A New Paradigm for Blockchain Value Creation
THE NEXT HUB FOR WEB EVOLUTION?
What is your gut reaction to the fact that 3 of the world’s top 5 financial centers are in East Asia? That they are trending upwards, while historic leaders London and New York are trending down?
Feelings of rivalry are understandable, but misguided. Firstly, global finance both transcends and shapes national policies, although local media may distract us from this reality. Secondly, blockchain’s promise is pendant on decentralized, borderless growth and adoption.
Of course, geographic/cultural considerations have and will continue to define blockchain development. At the same time, it is necessary to evolve from the current Web 2.0 paradigm, in which Silicon Valley’s beacon of innovation continues to leave in shadow the issues of identity, security, and control.
Web 3.0’s imprimatur will be solutions to these issues, and blockchain development will deliver them. However, Web 3.0’s adoption, spread, and possibilities for business value creation, are pendant on high-level collaboration between tech, government and financial institutions
This collaboration is highly-likely to develop most rapidly in East Asia, particularly in Singapore, where the government is already rapidly establishing regulatory frameworks for blockchain-based solutions of all kinds, with considerable input from fintech companies and financial institutions.
HELPING BUSINESSES UNLOCK BLOCKCHAIN VALUE CREATION
The mission of BAC — the Business Application Chain — is to create blockchain-powered apps enabling the realization of blockchain’s business advantages: time/cost savings, transparency, security, and most importantly, trust. A Singapore project with resources and networks in Hong Kong, BAC is positioned to contribute to the evolution of Web 3.0, and to make the benefits accessible on a global scale.
This may sound like boilerplate grand-vision hyperbole, but consider that BAC is already entirely funded and well-along in development, scheduled to launch its mainnet in early 2019. The investors are not only high net worth individuals who believe in blockchain’s potential to transform global business, but also highly-networked in Hong Kong and Singapore’s international financial and business communities.
WHAT’S UNDER THE HOOD
BAC’s entire infrastructure is dedicated to the concept of unlocking blockchain benefits for enterprises with a level of efficiency currently unavailable. Such efficiency calls for flexible frameworks and easy development environments, all without sacrificing speed or stability, while still delivering the security and identity that are essential to a blockchain-based solution.
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We will delve into the specifics of BAC’s technical advantages in our next post. Some of the features of our infrastructure include:
- an innovative evolution of the DpoW protocol
- a modular development environment compatible with the most popular operating systems
- secure sidechains to ensure safety and stability
- a new programming language, bună, more accessible than C++ and easy for java script developers to learn
LOOKING AHEAD
The BAC team is continually working towards the goal of creating value for users, specifically users seeking to create value for their businesses via blockchain transformation. This goal demands robust tech infrastructure as a precondition.
However, without a thriving developer community, the Dapps built on the infrastructure, and the smart contracts to operate them, will not manifest the robustness and applicability that development from a diverse, decentralized group bestows.
In the meantime, our developer team is concentrated during the early stage, holding true to the received wisdom of Vitalik that “there are lots of decisions to make. Designing big protocols by large committee is something that just doesn’t work. But when the system stabilizes and we’re talking less about huge fundamental revamps and more about ongoing marginal tweaks, then I think that’s the point where the [decentralized] model starts both working more and making more sense as the right way to do it.”1
With the launch of our mainnet in Q1 2019, we will be taking sustained action on two fronts: 1) to establish and incentivize a global development community and 2) partnering with our business and financial network to create DApps that live up to our mission statement of unlocking the value of blockchain technology for global enterprise.
We are confident that our locating in Hong Kong and Singapore will be a key advantage in making such DApps fruitful for the long-term, given the latter’s rapidly developing regulatory framework for such blockchain transformation.
