Benjamin Soh, founder of the blockchain development firm STACS, said institutional players, not consumer-to-business firms, will drive the mass adoption of financial infrastructure based on blockchain technology.
During Unitize’s virtual conference, Soh said that if they could get banking institutions to use blockchain, millions of bank customers would automatically become part of the blockchain financial infrastructure without them knowing it.
Mercedes-Benz manufacturer Daimler will collect data using blockchain
Providing bank customers with a blockchain-based wallet while still using traditional payment gateways will be the first necessary step in bringing the efficiency of distributed accounting technology to the financial system, Soh added.
Asia leads in blockchain finance
Speaking about the development of blockchain financing in Singapore, Soh noted that, except in Switzerland, there are almost no other European countries that support blockchain financing like Singapore.
According to Soh, Singapore is the closest to completely replacing the current financial infrastructure with one based on distributed accounting technology.
Chinese Steel Company Reaches USD 16 Million Deal Using Blockchain
He also noted that the governments of other Asian countries such as Malaysia, Thailand, China, Japan and South Korea were taking strong initiatives to bring distributed accounting technology to finance.
Reflecting on a similar point, Vinay Mohan, an early member of ConsenSys Singapore, said that the more SMEs and retail users have access to democratized finance, the more mature Asia’s financial infrastructure will be.
Mohan said that due to the complex nature of the current banking infrastructure, 70% of SMEs in Southeast Asia struggle with adequate digital financial services and the advent of Bitcoin Investor and central bank currencies may pave the way for offering banking services to these Asian companies and users.