Blockchain Adoption and Opportunities in Hong Kong
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Abstract
Sean Chen's presentation at CBC 2023 focused on the adoption and opportunities of blockchain technology in Hong Kong, emphasizing its impact on the construction and real estate industries. Chen, with a background in digital transformation, BIM, and smart city solutions, has dedicated the last two years to promoting blockchain technology at the infrastructure level to governments and enterprises through his work with RED Technologies. He outlines RED Technologies' two main global projects: the Blockchain-Based Service Networks (BSN) for creating isolated networks catering to mainland China and global data, and the Universal Digital Payment Networks (UDPN) focusing on CBDC and stablecoin cross-border payment networks.
Chen elaborates on the necessity of compliance-first approaches for blockchain infrastructure, aiming to establish a 'private internet' for enterprise and government use, encouraging a unified platform that supports a variety of protocols and frameworks. This approach allows for the selection of appropriate blockchain protocols based on specific needs without committing to a single technology, promoting efficiency and adaptability.
Focusing on Hong Kong, Chen discusses blockchain adoption within the construction industry, highlighting potential applications in digital work supervision systems, supply chain finance, and the digital management of construction documentation. He also mentions a Hong Kong developer's project, River Chains, which innovates in supply chain finance by leveraging blockchain for more efficient payment processes.
A significant part of the presentation is dedicated to the government's efforts in blockchain integration, particularly through the Office of the Government Chief Information Officer (OGCIO) of Hong Kong. This initiative aims to establish a shared blockchain platform to facilitate application deployment across various government departments, promoting a smart city concept akin to Dubai's blockchain strategy.
Chen proposes several blockchain applications for the construction industry, including document management, digital asset tokenization, smart contracts for invoicing and payments, e-tendering and bidding, and the tokenization of BIM objects. He suggests these innovations could significantly enhance efficiency, transparency, and compliance in construction processes.
The presentation concludes with a vision for the future of blockchain in enterprise and government, advocating for a consortium-based approach that encourages collaboration and shared infrastructure, paving the way for a more interconnected and efficient implementation of blockchain technology across industries.
Keywords
Blockchain Adoption, Hong Kong, Construction Industry, Digital Payment Networks, Smart City Solutions.
