Blockchain Technology Empowers SMEs

Blockchain Technology Empowers SMEs

Many at the Singapore Fintech Festival 2019 discussed their opinions on blockchain technology a source from PRNewsWire confirms. The Head of Operations of Llyod's & Partners AG, Mr Lucas Landolt, talked about some cases of blockchcain technology uses in the financial sector focusing on central banks' infrastructure. He later gave credit to blockchain technology in regards to AML (anti money laundering), smart contracting and fraud detection.

Mr Victor Vu, Head of Research and Development of CSE Technology, shared his thoughts on the intersection between CSE and blockchain technology and how they are both important to SMEs (small and medium entreprises), calling them the "backbone of the economy" emphasizing on their importance in South East Asia. He also points at the struggles of SMEs of not only acquiring loans and other types of financing but also of not being able to adopt new tehnologies due to financial barriers.

He adds "the aim of CSE is to help SMEs solve their existing challenges, grow their business, and even help some SMEs go global -- through the application of Blockchain technology. The third-generation Blockchain technology developed by CSE helps SMEs build trust, obtain peer-to-peer funding, and execute their business processes with better efficiency and security". He continues by saying "the new generation Smart Contract 2.0 tool running on CSE 3.0 Blockchain technology has been successfully applied to 62 open-source projects across 16 industries. Key projects include: SmartAgri which was initially launched in Vietnam and would soon be expanded to other markets; iCare Base healthcare program which was launched in Thailand; and Owifi project which was recently launched in Thailand and Vietnam."

CSE is trying to build ecosystems for young innovators and advanced business opportunities in the region, especially those related to blockchain technology. In addition, to help the adoption of blockchain by NGOs, CSE will collaborate with "Children Are Innocent" a charity based in Singapore.

 

 

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