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blockchain in HK

blockchain : is a distributed database that maintains a continuously-growing list of records called blocks secured from tampering and revision.



A blockchain consists of a number of blocks that are linked with each other with each block linked with its previous block. And, each block consists of a batch of timestamped transactions and a hash of previous block. As the blocks are linked with each other forming a chain, hence the name of the database.

When new transactions are broadcast to all nodes, each node collect the transactions in a block. All the nodes verify the transactions present in the block and notify one another about their acceptance. When the majority of the nodes agree, the next block is created, linking it with the previous one.


The blockchain is a core component of the digital currency bitcoin—conceived in 2008 and first implemented in 2009— where it serves as the public ledger for all transactions.

In the bitcoin case, every compatible client is able to connect to the network, send new transactions to it, verify transactions, and take part in the competition to create new blocks.
The competition creating new blocks is known as mining.  The bitcoin design has been the inspiration for other applications.

ASTRI on Radio 2

中銀香港按揭服務試用區塊鏈

Bank of China Hong Kong, the largest local mortgage provider, plans to use in its mortgage business in the second half of this year the blockchain technology, a highly-secured transaction database.
Rocky Cheng Chung-ngam, general manager of IT, said valuation of collaterals and customers' information will be transmitted through the blockchain technology to ensure their accuracy, security and confidentiality.

Use of the technology can lower operating costs by reducing transactions and enhancing the efficiency and security of transmitting information between banks.

Financial Secretary John Tsang Chun-wah said the blockchain technology helps banks to better fulfill the know-your-client requirement by verifying clients' identities.

He said other financial technologies that Hong Kong will develop in future include cyber security, electronic payment, big data analysis and behavioral recognition. Application of these technologies is the key factor in the conversion to economic growth. BOCHK signed an agreement yesterday with the Applied Science and Technology Research Institution for the use of the new technology.

Howard Lee Tat-chi, senior executive director at the Hong Kong Monetary Authority, said that a cyber defense program has been deployed to the local banking industry and the blockchain technology has been developed with ASTRI.


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from techinasia

Swift is a consortium of banks where some larger owners have a higher stake and command a premium as a correspondent bank or force smaller banks, ‘lower tier’, to be required to connect through a limited number of the more well connected ‘higher tier’ banks. Ultimately not a good deal for newcomers but what can you do, there is no alternative.

The opportunity for a Blockchain alternative settlement consortium is to be able to provide a realtime messaging layer, traceability of every transaction down to the individual customer at a bank, realtime proof of assets and outstanding risks to a regulator and a secure scalable infrastructure. That’s awesome! If a bank can prove their assets and risk in real time thats a quantum leap from where we are now where nobody knows that information as its currently stored on excel spreadsheets, in house IT systems and pieces of paper. Also, having complete traceability on every transaction can assist in monitoring AML risks and one could easily apply a number of big data analysis techniques and tools to this rich data trove to reveal insights on usage patterns, transaction information, asset movements, market sensitive information etc- removing the current opportunity for errors in the system in diagram 1, automating everything and saving billions.

Applying Blockchain based systems to the worlds fiat money transfers of trillions of dollars would be an epic event and something worth a lot of money to a lot of people. So we end up with entities trying to do this like R3, a London based startup with many banks already signed up.

Enter the Central Bank:
Central banks see merit in the technology too. Currently, a currency like the Hong Kong dollar is a made up collection of 1’s and 0’s stored in a database on the Hong Kong Monetary Authority’s IT systems. The HKMA does not have any realtime information on:
  • Individual transactions banks are making on behalf of their clients
  • Real Time Outstanding risks / exposure of individual banks and their portfolios
  • Counterparties to international transactions through a messaging network like Swift
More importantly, they also have vague control over the money supply. So, wouldn’t it be grand if now the HKMA had the means to be able to click a button and see the reserves and risk associated with an account holder (bank) in real time, see individual compliance information associated with every single transaction, track and identify counterparties to any transaction overseas for AML purposes and have complete control of the money supply, which would come in handy for people like the Federal Reserve next time they lose 9 trillion dollars. However, such a system would make it unnecessary for messaging layer consortiums to exist.

Once a national currency becomes a cryptocurrency, it then becomes a lot more portable and liquid owing to the speed and design of a blockchain (distributed) based currency. More importantly, the information formerly embedded in a messaging layer like Swift is instead embedded into the actual currency transaction itself!

There no longer is a necessity for a messaging layer or correspondent banks. All the information a messaging layer consortium brings to the table is instead baked into the actual digital currency token itself (one can attach text metadata to a blockchain transaction). Every transaction can be sent direct to any correspondent bank without need of an intermediary. To receive a transfer in GBP, you must have a ‘wallet’ in the cryptocurrency, that’d be an account at the Central Bank GBP, so where previously smaller ‘low tier’ banks in the Swift network got a bad deal as they could only connect to the global payment network via a ‘clearing bank’ who then connects to the central bank, they now have the ability to receive and send payments without an intermediary as everyone is essentially all on the same ledger and the need for an intermediary is redundant, everyone can do the same thing. Converting GBP into USD can be handled by the bank itself from its own reserves which does not necessitate a Forex broker and can be done in realtime.

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