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HK government tech lab spotlights next-gen blockchain solutions

A tech company under the Hong Kong Smart Government Innovation Lab recently announced that it has launched a new solution which is now ready to be acquired by companies and institutions.

Solution description

The solution, called ParallelChain™, is the company’s high-performance hybrid private blockchain system, with real-time updates and a speed of up to 100,000 Transactions Per Second (TPS). Businesses can utilise existing white-label blockchain solutions and build custom apps on solution’s distributed ledger technology to create “trustless trust” where between two or more businesses around the world enabling all types of transactions to take place without needing trust.

Application Areas

The solution was developed to be applied across a variety of areas including City Management, Commerce and Industry, Development, Finance as well as Infrastructure.

Technologies Used

The solution uses Artificial Intelligence (AI) and Blockchain technologies.

Use case

By using the company’s suite of enterprise-focused blockchain products to create “trustless trust”, entities can remove reliance on traditional middlemen in industries such as finance, logistics, supply chain, cybersecurity, and process management such as auditing.

The blockchain includes features such as 100,000 transactions per second, <0.1 latency, privacy ordinance compliance, and provable immutability. Moreover, the firm’s technology has been audited by an international management consulting firm.

Supporting blockchain tech in Hong Kong

Blockchain technology has been developing rapidly in recent years and its applications have broadened. Not only is the technology being applied to various segments of the financial industry, but it has also expanded to cover other trades, allowing the process and storage of data to become more efficient and transparent.

This has facilitated the development of new business models. Several Cyberport community members firms are using blockchain technology to develop diversified solutions in the financial and non-financial industries. This includes enhancing asset transactions and improving business operation efficiency and transparency.

The Chief Public Mission Officer of Cyberport stated that the business park strongly believes that advancing Hong Kong’s innovation and technology development relies on a revolutionary and cutting-edge technology with the potential to grow. Blockchain is a ground-breaking technology that allows multiple parties to participate and collaborate.

The data storage and processing system is highly effective, transparent and credible. With its potential applications in the financial industry and other trades are far beyond imagination, Cyberport has identified blockchain as one of our key technology clusters.

The park takes the initiative to collaborate with leading companies in this realm to provide start-ups with knowledge and usage examples of blockchain applications. Within its community, a growing number of start-ups have successfully developed blockchain solutions that address the pain points of many industries. Not only has this enhanced a company’s operational efficiency and transparency, but it has also created many new business models.

Cyberport has implemented several measures to promote blockchain development. Key initiatives include teaming up with R3, a world-leading blockchain platform provider and FORMS HK, a pioneer of blockchain applications, to launch the “Block AdVenture Programme”.

The programme provides technical training for start-ups, assisting them in developing blockchain technology solutions. In promoting its applications for enterprises, Cyberport has launched the “Blockchain & RegTech Speaker Series” between this August and October, where the financial industry was briefed on blockchain’s applications in digital assets, insurance and compliance. Later in November, Cyberport will also co-organise “Hong Kong Blockchain Week 2020” to examine topical issues such as “decentralised finance” and blockchain applications for enterprises.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com