Blockchain
Blockchain Has “Much More to Offer”, Suggests Lufax’s Jun Lu at East Tech West
“The true potential of blockchain is more exciting by far than that of cryptocurrencies,” said Jun Lu, head of Lufax Technology Center, at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China.
When people talk about blockchain, Lu ventured, they are often only thinking cryptocurrencies. “Cryptocurrency is but one application of the blockchain technology, which in comparison has vastly more untapped potential and considerably more value to offer,” considered Lu.
Recognizing the value of blockchain’s alteration-resistant property, Lufax has already begun to record transactions on its digital wealth management platform using decentralized ledgers enabled by blockchain. To this date more than 10 million transactions have been recorded on the Lufax blockchain ledgers. This has allowed investors to trace the assets involved in transactions, and boosted their confidence. Meanwhile, the inherent transparency of these blockchain ledgers helps Lufax to ensure compliance and accountability. With customer consent, Lufax also offers them the service of using blockchain to safeguard their KYC information, so customers may just go through the onboarding process once, instead of having to get approved each time when they foray into a new asset type such as funds and trust products.
Machine learning and blockchain are revolutionizing everything from customer service to asset allocation, said Lu. Lufax has developed a Know Your Intention (KYI) module using machine learning and behavioral psychology to better understand customer needs and render timely services. Even so, Lu thought human oversight in what financial institutions do is still necessary for the foreseeable future. Like the early days of Internet, “at this stage we have barely scratched the surface of the true extent of what technology can do to revolutionize banking and financial services,” analyzed Lu. “While it is premature to predict robo-advisors trained through machine learning can take over completely, it is not too early to consider what the guardrails should look like in such a scenario.”
While his enthusiasm for the blockchain technology exceeded that of bitcoin, Lu did see a promising future for cryptocurrencies. “A battle-tested, market-proved cryptocurrency may eventually manage to supplant the role of the traditional currency,” mused Lu.
When asked what banks of 2030 will look like, Lu pointed to the accelerating trend of banking services moving from being dispensed in brick and mortar locations toward being increasingly digitized and offered online.
Physical banks may be a thing of the past, and “even if there are branches left, they will be nothing like the ones we see today,” said Lu. For all we know, each urban center may just be left with one solitary banking office – a communal space where tellers from various banks cohabit to provide some kind of public utility or community service for those in need, so that no one gets left behind by the incessant march of technology.
SOURCE Lufax
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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