Blockchain Has So Much More to Offer Beyond Cryptocurrency
- Jun Lu emphasized on the untapped potential of blockchain at CNBC’s East Tech West conference in China.
- As the leader of Lufax Technology Center, he also mentioned how they are benefiting from the tech, from records of transactions to compliance and security.
Alain Crozier, chairman and CEO of Microsoft Greater China Region, speaks with Deirdre Bosa, technology reporter of CNBC, during the fireside chat on day 1 of CNBC East Tech West at the LN Garden Hotel Nansha, Guangzhou on November 18, 2019 in Nansha, Guangzhou, China. Zhong Zhi/Getty Images
In Nansha district of Guangzhou, China held the CNBC’s East Tech West conference, which brings together the most powerful technology leaders to deliberate and celebrate innovation and invention.
In this year’s event, Jun Lu, leader of Lufax Technology Center, mentioned that the true potential of blockchain stretches far beyond than that of cryptocurrencies.
Lu correctly observed that most people think of cryptocurrency when talking about blockchain technology – the latter of which has immensely more unexplored potential and value than its now popular application in cryptocurrency.
Blockchain technology is benefiting Lufax Technology Center inherently in the following ways:
- Lufax records its transactions (currently more than 10 million) on its digital wealth platform using decentralized ledgers facilitated by blockchain.
- Lufax investors are able to trace the assets involved in all recorded transactions without the need for special investigators or auditors.
- Compliance and accountability come by default as all transactions are open for scrutiny and strictly follow industry requirements.
- With client consent, Lufax safeguards KYC data to do one on boarding process, every time they venture into a new asset class.
Lu also said that blockchain and machine learning are reforming everything from asset allocation to customer service. Using machine learning and behavioral psychology Lufax has developed the Know Your Intention module to better understand customer needs and render timely services.
Even with these predictive types of technology, human oversight is still necessary, as Lu thought, in the near future.
Lu analyzed that we are yet to exploit the true potential of technology to transform banking and financial services. He also mentioned that it is not too late to see how robo advisors trained through machine learning could capture entire industries.
Lu did see a promising future for cryptocurrencies through a battle-tested, market-proved crypto that may replace the role of conventional currency.
A look into the future, long term, sees a rise in digital banking services as Lu answered when asked how a bank in 2030 will look like. Physical banks may be a thing of the past, and “even if there are branches left, they will be nothing like the ones we see today,” said Lu.
A solitary branch may be maintained in an urban setting to provide some kind of public utility for those in need.
- Applicants have three weeks to fill out their forms and provide detailed information about their projects.
- In order to become list members, the partaking organizations must be evaluated at at least a billion dollars and have advanced prototypes with engaged industry participants.
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- The “Denali” testnet comes with a rewards program of 2 million AVA tokens, with chances to participate up until June 15.
- The mainnet launch is set for the summer of this year, though no specific date has yet been given.
- The conference began with an interesting discussion between Wall Street legend Jim Rogers and Ethereum Foundation member Vlad Zamfir.
- Sophia, the human-like robot developed by Hanson Robotics, drew a lot of attention at the event.