New opportunities for blockchain in 2020: Compliance is the breakthrough for technology implementation – Vanessa Koh

On December 16, BCB Blockchain was invited to participate in the Global Blockchain Summit Forum hosted by CoinNess in Seoul, South Korea. This year, the forum attracted more than 60 Key Opinion Leaders, 50 top-level projects, and 30 blockchain investment institutions from around the world. The participants also include 20 media, 15 heads of blockchain ecological enterprises, as well as a number of South Korean lawmakers and government representatives. 

The summit discussed South Korea’s cryptocurrency market and the prospects for blockchain development in 2020. BCB Blockchain CTO Vanessa pointed out during the forum’s roundtable discussion that the current blockchain market is actually a transition period of maturity and compliance after experiencing disorderly growth in the past few years. At this stage, anyone who can work closely to the government, and can be more compliant with its policies, will be able to take advantage of this important turning point and win the next broad market.

Working closely to the government and being fully compliant to its policies, is the roadmap of BCB Blockchain. “In the past year, we have cooperated with the local government of Myanmar and signed a contract with Asia Pacific City to harness blockchain technology in the construction of a new type of smart and modern city. After more than a year of consistent efforts, we have successfully established the payment technology based on the blockchain infrastructure, as well an environmental monitoring system, and the blockchain-based water and electricity meter system that put the quality of residents’ lives into a higher level.  

At the same time, Vanessa Koh mentioned that at the level of technical research and development, BCB Blockchain also cooperates with the Philippine Department of Science and Technology. The technology is provided by BCB, and the Philippines Department of Science and Technology invites more than 50 universities in the country to participate in the project. As long as the team of university students from these universities use BCB’s underlying blockchain technology to develop technology applications related to smart cities, they will have the opportunity to obtain the grant provided by BCB Blockchain and the Department of Science and Technology.

In addition to the Philippines and Myanmar, BCB Blockchain has established partnerships with government agencies in Cambodia and Malaysia. Cambodia’s Seven Star Sea Long Bay Project has now become the BCB’s second successful smart city project after Myanmar Asia-Pacific City.

Over the past year, BCB Blockchain has been committed to cooperate with the governments to carry out research and development in smart hydrometers, financial payments, agricultural traceability, and decentralized games. For next year, BCB Blockchain will be applied in the fields of smart transportation, smart logistics, smart agriculture, smart energy, and smart government affairs.

Vanessa pointed out, “After the market has experienced an out-of-order blowout, there will be an orderly regulation. This is actually a good thing for the blockchain industry. The government is the main body that leads the society and the people. In the field of blockchain, no matter how important and how powerful the technology is, only those projects that have an effect on people’s livelihood and can be accepted, recognized, or even welcomed by the government and will have the opportunity to become real giants and win the most rewarding “awards” of this era.”

In relation to the development prospects of blockchain in 2020, Vanessa discussed her view to CoinNess CEO Li Shenghuan, “2020 will be a year that when the blockchain is fully implemented, developing countries often have more advantages than developed countries. This conclusion is inferred from the data obtained by the BCB Blockchain in the past year when it promoted blockchain technology in Southeast Asian countries. Countries such as Myanmar and the Philippines do not know much about blockchain technology and their local financial foundation are extremely weak. At this point, their financial foundation can be a perfect opportunity to introduce and harness blockchain. This is the same reason that China has surpassed developed countries such as Europe and the United States in mobile Internet technology.”

At the end of the discussion, Vanessa made a bold statement that blockchain technology is the best fuel to promote the evolution of cities. After more than a year of implementation attempts, BCB Blockchain has tested many directions and cases that can be successfully operated. “For the next year, it will be a year to fully replicate the successful cases and promote the implementation. Next year will be a year for BCB Blockchain to achieve rapid growth.”

“The reason why BCB Blockchain is not as well known in the circle as many other public chain projects, it is because we focus on the main economic costs on Research & Development, and did not invest funds in advertising and marketing. BCB Blockchain knows that a truly popular underlying technology platform will not be achieved because of market hype. It is because the technology can be implemented on a large scale, can be effectively commercialized, recognized by the government, and can benefit the people.” ###