Shaping the future of blockchain in Hong Kong

Hong Kong's Applied Science and Technology Research Institute ("ASTRI") recently released its "Whitepaper On Distributed Ledger Technology", a substantial research exercise which was commissioned by the Hong Kong Monetary Authority (the "HKMA").

This paper serves as an interesting and informed introduction to blockchain (or distributed ledger technology), with a specific focus on how this potentially revolutionary technology can be used to within Hong Kong's banking system.

The DLT Whitepaper will potentially shape the next stage of discussion on DLT and its implementation in Hong Kong's financial institutions. This important publication illustrates a change in thinking; where previously DLT was considered a 'futuristic' concept, this paper conceives of a real solution that could alter the banking sector. It also highlights the substantial investment into the fintech market being made by the financial services industry in in Hong Kong.

For more information, read our full briefing, where we:

  • offer a short overview of DLT and its potential benefits over traditional database systems;
  • clarify ASTRI's proof of concept project in relation to mortgage loan applications;
  • summarise the operational advantages, limits and hazards of the proof of concept recognized by ASTRI; and
  • review the key legal issues with the proof of concept, specifically data protection compliance issues and how to address them.

To read the full briefing, please click here.

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