SINGAPORE
- Media OutReach - 20 June 2018 -LivesOne World Singapore Conference
was
held on June 14th dedicated to blockchain technology, discussing its investment
opportunities and challenges including regulatory consensus. The event brought
together the major players in the industry from all over the world along with
over 250 attendees drawn from technology, education, finance, government and
multiple sectors.
Themed "Consensus, Symbiosis and Telesis," LivesOne World
Singapore was the first in a series of blockchain conferences organized
worldwide by the Singapore Symbiosis Economy Foundation (SEF), with the goal of
building a consensus and cooperation platform for the global blockchain
co-workers, and redefining the user value, ecosystem, business model based on
blockchain technology.
Initially
the architecture for Bitcoin that was launched in 2008, blockchain is
established on an information architecture that is shared and continually
reconciled. This is a way of using the network that has obvious benefits. The
blockchain database isn't stored in any single location, meaning the records it
keeps are truly public and easily verifiable. No centralized version of this
information exists for a hacker to corrupt. Hosted by millions of computers
simultaneously, its data is accessible to anyone on the internet. By allowing
digital information to be distributed but not copied, blockchain technology
created the backbone of a new type of internet.
Jeff
Chen, Founder & CEO of Maxthon Web Browser and Chairman of SEF, presented
LivesOne, the world's first cryptocurrency application platform. Still at the planning stage, the
platform will include:
- Cryptocurrency
rewards
- Distributed
server architecture to reduce the risk of privacy leaks
- Integrated
multiple decentralized applications, dApps
- Integrated
LivesOne three interfaces: Payment interface, mining interface and transaction
interface
The
blockchain network lives in a state of consensus, one that automatically checks
in with itself every ten minutes. A kind of self-auditing ecosystem of a
digital value, the network reconciles every transaction that happens in
ten-minute intervals. Each group of these transactions is referred to as a
"block". The most critical area where blockchain helps is to guarantee the
validity of a transaction by recording it not only on a main register but a
connected distributed system of registers, all of which are connected through a
secure validation mechanism.
As
a driving force behind the creation of the conference Chen
said, "Through the LivesOne World conferences, we expect to build a common
understanding and long-term collaborative relationship among blockchain
investment institutions and project partners.
Singapore, being a blockchain haven, is the logical first stop for this
vision".
One
of the speakers Kenneth Bok, Director of Blocks and De/Centralize, and investor
at MediLOT, highlighted practical advice on blockchain for business. He
stressed that blockchain is enabling a whole host of new distributed software
platforms technologically and financially, and that blockchain will integrate
with other technologies such as Artificial Intelligence and Internet of Things.
In Singapore, the government and 67 percent of financial
institutions recognize the importance of blockchain technology, according to a
report by PwC. The Monetary Authority of Singapore (MAS) has successfully
completed a proof-of-concept pilot to explore the use of blockchain for
interbank payments. Partnering with a consortium of financial institutions,
blockchain infrastructure was used to produce a digital currency issued by MAS
and methods were tested to connect bank systems through distributed ledger
technology. The technology will simplify the payment process, reduce time take
for transactions, enhance transparency and system resilience and reduce the
cost of long-term record keeping. MAS is currently developing links from
Singapore to other countries to enable DLT cross-border payments and will test
blockchain technology for bond trading. MAS is looking at this project as the
first step in leveraging Blockchain to verify and reconcile trade finance
invoices, verify the performance of contracts, keep an audit trail and deter
money laundering. <><><><><>
More
information on LivesOne, please visit: https://lives.one/