Category Archives: APAC

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Blockchain Among Top 10 Skills in LinkedIn Report for Asia Pacific

Blockchain Among Top 10 Skills in LinkedIn Report for Asia Pacific

A fresh study by professional social networking site LinkedIn has confirmed what many have been suspecting for a while — that blockchain skills are one of the most important skills employers in the Asia Pacific are looking for.

The Asia Pacific (APAC) localized version of “The Future of Skills” 2019 report is a regular business feature from the social network and it has identified a trend for blockchain skills demand for the next few years. The specific skill set is in fact the ability of “setting up and managing a distributed and decentralised public ledger” — which is one of the capabilities blockchain is known for. This is closely followed by artificial intelligence (AI) and compliance, two buzzwords that commonly follow any white paper in a blockchain project or startup.

Singapore, Hong Kong and South Korea lead the countries seeking out these new skill sets. The disruptive nature of all these technologies, it seems, also comes with a close need for compliance with the eyes of legislators and market regulators now trained on emerging tech sectors.

LinkedIn commented in the report:

“Rising skills can be used to forecast where industries are going… Examining what rising skills certain industries are hiring for shows what changes they are anticipating.”

And if that is true, then the jobs industry is expecting blockchain in commerce and enterprise to be around for many more years to come.

 

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HSBC and ING Announce Successful Utilization of R3’s Blockchain Platform

HSBC and ING bank have recently reported that they have utilized blockchain technology using R3’s Corda blockchain platform.

The banking conglomerates used the tech to achieve a transaction that oversaw soybeans, shipped from Argentina to Malaysia via Singapore. Additionally, a letter of credit between the two banks was issued directly from the R3 Corda platform.

HSBC and ING commented that the transaction was a success, demonstrating that blockchain technology had been used in a commercial and operational setting.

The trade finance industry is worth around USD 9 trillion. Using any number of conventional monetary means of managing these transactions can take days, with multiple parties included. With blockchain technology on a single platform, the transaction took less than 24 hours to be completed.

Credit letters are one of the most commonly used methods for reducing the risk involved between importers and exporters. These letters help guarantee more than USD 2 trillion worth of transactions annually, and it is a lengthy and time-consuming paper trail that can take between five and ten days to complete.

Vivek Ramachandran, HSBC’s head of growth and innovation stated, “Trade finance transactions have been made simpler, faster, more transparent and more secure. The need for paper reconciliation is removed because all parties are linked to the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses.”

The transaction was received well by third parties involved. “Blockchain is a key technology we are exploring and using with our customers and, now, using for ourselves with the completion of this transfer on Corda,” explained Rani Misra, regional treasurer, APAC, Cargill.

Events have led R3, the company behind Corda along with 12 other supportive banks, to further the reach behind this technology, in a hope to expand the network as a utility for the trade finance sector and to waive all paper-based documentation.

 

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