- Hong Kong announced a task force for making blockchain technology prevalent in several industries.
- According to the press release, a dedicated group will head the development efforts.
Countries around the world are experimenting with blockchain technology through different initiatives. Hong Kong has taken a step further by announcing its forthcoming projects on Web3 development. On June 30, it informed about forming a task force to promote the technology through a press release.
As per the announcement, the team works towards bringing the benefits of blockchain to industries while making them cost-effective. According to it, the group will be headed by the city’s Financial Secretary Paul Chan. And this brings our attention to all the blockchain-based initiatives that have taken place globally.
A look at the sequence of development
Reportedly, Hong Kong was mulling over the induction of this technology’s foray into their digitization endeavor. The following are some facts that give you more information about this initiative.
- According to the press release, Web3 technology has the potential to solve many problems we’re facing in our day-to-day operations. It can make finance and trade more efficient and hassle-free. At the same time, it can beef up security, and transparency while lowering the overall cost.
- The task force has been launched with 26 members on board. Collectively, they will ensure that the development of Web3-based platforms is done sustainably. They will also gather recommendations from different industries and businesses in Hong Kong.
- Using the technology, the team would make sure that blockchain works in a decentralized and permissionless way. According to them, the experiments would focus on infusing Web3 with other technologies like artificial intelligence, the Internet of Things, and blockchain.
- It should be noted that team head Chan is a big supporter of Web3 in Hong Kong. However, he’s starting the project with a meager fund of HK$50 million (US$6.37 million). At a shoestring budget, his team will develop the city’s Web3 sector in his 2023 annual budget speech.
- Notably, Hong Kong has already taken steps in this domain before this initiative. Back in April, the government launched the Institute of Web 3.0. To lead this non-profit initiative, the city’s government picked the erstwhile chief executive of the HK Monetary Authority, Norman Chan.
- Launching the task force shows Hong Kong’s willingness to become a leader in this fledgling domain. It is a venture aiming to bring the city to the forefront of the Web3 landscape. It already rolled out the crypto exchange license regime in June and is now setting the ground for other enterprises in this niche.
- Markedly, countries like South Korea, Japan, Singapore, and India are already experimenting with blockchain through an array of projects.
- In particular, India has emerged as a supporter of Blockchain irrespective of its unwillingness to accept crypto. According to the India Blockchain Alliance (IBA) founder and CEO Raj Kapoor, the country is taking strides in this technology. He said that the group is concerned about instilling tokenization into various sectors.
With this initiative, the city aims to make the most of Web3 technology and its industries blockchain-ready. Also, Hong Kong wants to compete with other Asian nations working towards blockchain initiation in their trade and commerce. Tackling decentralized technology hasn’t been very easy for most nations, in terms of regulations. Thus, it would be interesting to see how the blockchain scenario will take shape in the city.