Hong Kong as a World Class Tech Hub in the Region
Hong Kong has the most tech innovation that come from the Greater Bay Area is because of the massive network effects of an ecosystem that has been built up over decades: hundreds of thousands of engineers, designers, product managers, entrepreneurs, as well as every stage of funding from angel to late-stage VC and post-IPO funds. With these fundamentals, Hong Kong will foster the blockchain technologies:
Distributed ledger technology
All blockchainusers have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort that’s typical of traditional business networks.
No blockchain users can change or tamper with a transaction after it’s been recorded to the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.
To speed transactions, a set of rules, called a smart contract, is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate security transfers, include terms for travel insurance to be paid and more importantly, smart contract is decentralized.