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
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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Blockchain
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