The tech and innovation industry has witnessed rapid growth in China and has become a key growth engine for the mainland economy.
Hong Kong has also put increasing focus on the industry with support from Beijing, as evidenced by initiatives like the establishment of the Innovation and Technology Bureau, tax refund for corporates’ R&D spending, as well as projects like the Hong Kong-Shenzhen Science and Technology Innovation Special Cooperation Zone in the Hetao and Lok Ma Chau area.
Currently, blockchain is one big opportunity for Hong Kong to realize its technology potential.
Many would associate blockchain with cryptocurrency such as bitcoin, but the technology is actually a lot more than that.
The most important feature of blockchain is its ability to tackle the problem of authenticating digital documents.
As of now, there is no global unified standard for authentication of digital documents. Blockchain technology has the potential to contribute to resolving that issue.
As a leading global financial hub in the region, Hong Kong has huge demand for trade and legal document verifications.
The blockchain technology can also be applied to numerous industries to drastically cut the transaction costs.
There is even more potential to be tapped if we can work with mainland Chinese organizations and integrate with international standards.
Hong Kong indeed has the perfect environment and a ready market for a whole range of blockchain technology applications. The government and industry participants should not let this opportunity slip away.
This article appeared in the Hong Kong Economic Journal on Oct 9
Translation by Julie Zhu
[Chinese version 中文版]
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