Blockchain weekly digest — banking, AI & global supply chains
By Emily on The Capital
Blockchain promises so much, but as with any new technology, it can be confusing to decision-makers as this technology goes against current digital business transformation strategies.
So, how do you know if you are backing the right blockchain solution?
In these weekly digests, you will get the highlights of blockchain news from around the world, which will give you an insight into the themes developing with this innovation.
AI + Blockchain = Dynamic supply chains
AI, machine learning, can help provide proactive supply chain alerts, thereby enhancing supply chain management predictions to make them more efficient.
By implementing blockchain technology with AI in your supply chain, it becomes more serviceable and transparent to all parties involved. You are delivering crucial data in real-time with enhanced security built-in from the ground-up with blockchain technologies.
In stormy times, understanding the value in our digital activities and also removing blind spots between parties, you are thereby getting ahead of potential problems with these machine learning predictive insights. This innovation is key to unlocking and maintaining a healthy and robust supply chain of the future.
Using these enhanced and innovative automation tools enables humans to do what machines cannot. That is, creatively problem-solving.
“By 2023, blockchain will support the global movement and tracking of $2 trillion of goods and services.” ~Gartner
Banking on blockchain
The Saudi Arabian Monetary Authority blockchain pilot
The Saudi Arabian Monetary Authority reports this week that it has used blockchain technology to deposit money into its banking sector. This financial technology progress is part of the Authority’s actions to enhance its sector’s capabilities.
In a statement, they said:
“This action comes as a part of The Saudi Arabian Monetary Authority continues its efforts in exploring and experimenting with emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector.”
Interestingly, The Saudi Arabian Monetary Authority also announced it would quarantine physical currency that it receives as a prudent step to limit the spread of COVID-19.
The Authority said it would continue to track the pandemic effects on all economic sectors, and it will continue to provide all necessary support to help maintain the integrity and stability of the financial industry.
Blockchain and prevention seem to be crucial in their financial technologies strategy to a robust economic future.
Hong Kong’s growing blockchain sector
Hong Kong’s Financial Services and Treasury Bureau reports, blockchain activity represents a more dominant share of the country’s new fintech firms.
“The outbreak of the COVID-19 accelerates incumbent financial institutions to embrace Fintech, and provides a window of opportunity for us to promote wider Fintech adoption e.g. the FPS, e-wallets, virtual banks and insurers.”
Hong Kong sees blockchain start-ups are increasingly growing, with 39% of new firms launching in the country’s fintech industry last year operating with blockchain technologies.
In regions like ASIA PAC, you see a four-fold adoption rate of blockchain technologies over The Americas. This adoption is driven mainly by demand, skill, and government investment.
As we all grapple with the global crisis that is evolving around us daily, our emerging technology industry can help the journey to a virtual future.
Our industry can do this by continuing to be innovative using blockchain and machine learning technologies to secure our digital future.
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Stay safe, folks!