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Blockchain technology development still facing lots of challenges, says a technician

出自香港新聞網 - 樹仁新傳系學生實習習作

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Reported by Wong Wing Lam, 11th December, 2018

Peter Woo, a co-founder of Hong Kong Blockchain Society, who gave a talk at Hong Kong Shue Yan University weekly forum. He talked about what is blockchain.

Woo said, blockchain technology includes shared ledger, cryptography, consensus and shared contract, in order to broader participation, lower cost, increased efficiency and transparency.

Bitcoin is popular nowadays. Woo said, Bitcoin is different from blockchain. Bitcoin uses blockchain and blockchain has uses beyond money.

As blockchain is becoming much important in the future, there is still some problem to be concerned. ‘Security of blockchain talents is still a major challenge of the industry,’ Woo said. HSBC is now working with universities in Hong Kong, China and Malaysia to offer blockchain certificated and credit courses.

Moreover, the time required for commercial adoption of blockchain technology is not clear. Privacy will be a big challenge for blockchain practitioners, especially for permissionless chain.

Realisation of the importance of Self Sovereign Identity and the concerted efforts by few parties to implement this using blockchain and cryptography.

Last but not least, convergence of blockchain with Big Data is one of the challenges as well. ‘Therefore, blockchain cannot be widely used at the current situation,’ he said.

Woo has over 25 years of experience in the Information Technology, Internet and Telecommunications sectors. He participates and wins a lot of international competitions frequently. Woo has won the China's Inaugural Social Innovation Summit Competition, where he lead the winning team as Managing Director of IKIS Foundation. --165009 2018年12月11日 (二) 16:33 (CST)

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