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Hong Kong Aims to Lead in Green Finance and Web 3.0, Says Financial Secretary

by Blockchain NewsJuly 9, 2023

Hong Kong is setting its sights on becoming a global leader in two new fields: green finance and Web 3.0, according to a recent speech by the city’s Financial Secretary Paul Chan. The speech outlined Hong Kong’s strategic plans for economic development, with a special emphasis on these two innovative sectors.

Chan highlighted Hong Kong’s dedication to green finance, a commitment that mirrors the worldwide trend towards sustainable and eco-friendly practices in finance. Last year, Hong Kong’s green finance initiatives reached a staggering 80 billion US dollars, making up one-third of Asia’s total bond issuance. The city is also leading the way in setting market standards for green bonds, with the launch of 30-year US dollar green bonds and 20-year Euro bonds.

In a groundbreaking move, Hong Kong has started issuing green bonds using tokenization, showcasing its commitment to financial innovation.

Alongside green finance, Hong Kong is also setting its sights on Web 3.0, with a special focus on virtual assets. Drawing from experiences around the globe, the city began issuing licenses for these assets on June 1st. The Hong Kong Securities and Futures Commission is tasked with enforcing effective regulation and fostering sustainable growth in this sector.

The Financial Secretary also highlighted in his speech that as a financial center, the market value of Hong Kong’s stock market is 4.6 trillion US dollars, and the scale of asset management and wealth management businesses is also 4.6 trillion US dollars.

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AntChain Integrates Zero-Knowledge Proof for Enhanced Privacy and Verification in Web3.0 Era

by Blockchain NewsJuly 8, 2023

Ant Group’s AntChain has announced a new architecture upgrade for its privacy collaboration platform, AntChain FAIR, introducing Zero-Knowledge Proof (ZKP) as a core technology for verifiable computation. This extends trustworthy data transfer to the verification of computation processes, data attributes, and identities.

ZKP is a cryptographic technique that enables one party (the prover) to demonstrate to another party (the verifier) that they are aware of a value or hold specific knowledge without disclosing any specifics about the information or value itself.

ZKP is seen as one of the most crucial technologies for the next five years in the Web3.0 era. It allows a prover to convince a verifier of the truth of a statement without revealing any additional useful information.

The integration of Ant’s AI security detection platform “Yijian” and Ant’s privacy computing platform “Yinyu” is seen as a significant future trend. Large-scale AI model training requires a lot of data, and these data need to go through privacy computing to ensure safety and reliability.

Companies and institutions adopting ZKP architecture can ensure that the entire process of data computation is carried out according to agreed conditions, is correct, and can be verified, all while maintaining privacy. This will greatly enhance the credibility of identity verification, AI model training, data transfer, asset transactions, and on-chain and off-chain collaboration, accelerating the penetration of Web3.0 into more complex industrial scenarios.

AntChain has optimized software algorithms to accelerate the “proof generation” phase to 2.8 times the original baseline. This phase involves generating a “proof” for data, identity, computation process, etc.

To lower the threshold for using ZKP, AntChain FAIR has introduced zkWASM, a new type of ZKP virtual machine, into its trusted computing architecture. This allows for instruction-level verifiable features and supports the conversion of algorithm programs written in various front-end languages without the need to understand complex underlying algorithm details.

AntChain FAIR is a privacy collaboration platform for data transfer, combining the advantages of blockchain and privacy computing. It resolves the natural contradiction between data sharing and privacy protection in the data flow process. It is currently being used in several data exchanges, including the Hangzhou International Digital Trade Center and the Guizhou Big Data Exchange.

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Tagged : Antchain / ANTCHAIN FAIR / News / WEB3.0 / ZERO-KNOWLEDGE PROOF / ZKP / ZKWASM

Hong Kong Boosts Web3 with New Task Force

by Blockchain NewsJuly 2, 2023

On June 30th, 2023, Hong Kong’s government revealed the creation of a pivotal initiative – the Task Force on Promoting Web3 Development. This significant step, led by Financial Secretary Paul Chan, includes fifteen non-official members selected from relevant market sectors, plus key government and financial regulatory officials. The tenure of these non-official members commences on July 1, 2023, and is slated to run for two years.

This Task Force’s inception follows the government’s Policy Statement on Development of Virtual Assets (VAs) in Hong Kong, issued in October 2022. The market has warmly welcomed this policy, reflecting Hong Kong’s forward-thinking approach to this vital sector. As VAs play an essential role in the vibrant Web3 ecosystem, the government’s move to establish the Task Force signals its intent to promote the sustainable and responsible development of Web3.

Chan, underscoring the critical role of blockchain technology powering Web3, highlighted its features such as disintermediation, security, transparency, and cost-effectiveness. He outlined the technology’s potential to alleviate challenges in various sectors, including finance, trade, business operations, and even daily life. As a hub of international finance and innovation, Hong Kong aims to embrace the burgeoning trend of Web3 development.

“Hong Kong seeks to lead and drive innovative exploration and development, create new application models, and strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem,” said Chan. He expressed optimism that the Task Force, a collective of sector leaders and professionals, will offer valuable advice to help transform Hong Kong into a bustling Web3 hub.

The Task Force includes both official and non-official members. The official members comprise several key government figures and executives from notable financial and technological organizations.

The establishment of the Task Force on Promoting Web3 Development is not the only sign of Hong Kong’s active engagement with Web3. In April, the Hong Kong Web 3.0 Association was set up, with the former head of the Hong Kong Monetary Authority (HKMA) at its helm. Then in June, the Hong Kong government published a report titled ‘Development of Web 3.0 technologies in selected places’, further cementing its position in the forefront of the Web3 wave.

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Tagged : Hong Kong / News / WEB3 DEVELOPMENT / WEB3.0

CITD to Issue HK$100 Million Bonds Utilizing Blockchain

by Blockchain NewsJune 27, 2023

China Information Technology Development Limited (CITD) (HKEX: 8178), a leading technology company specializing in AI and cloud technologies, has announced its plan to issue HK$100 million worth of Bonds using distributed ledger technology (DLT). The proposed issuance aims to revolutionize the bond market by leveraging blockchain and smart contract technologies.

The Bonds, with a maturity date set for June 27, 2053, will be documented using the Digital Ownership Token (DOT) standard and implemented through a binding Ricardian Contract. By incorporating all bond documents and smart contract codes into the Bond Security Token, CITD ensures that the Token itself becomes the security, providing greater certainty, efficiency, and security for bond holders. Moreover, this approach allows investors to directly hold and control their own securities, eliminating the need for a third-party custodian.

The use of DOT standard in the Bond Security Token sets a new precedent in the bond market, offering enhanced security and transparency compared to traditional paper-based bond offerings. The tokenization of debt instruments using DOTs enables a clear record of ownership and simplifies the transferability of securities. Additionally, the elimination of third-party custodians reduces risks associated with securities custody.

CITD’s decision to embrace DLT and the DOT standard aligns with its strategic vision for the development of Web3.0 and blockchain business. As the Hong Kong government actively supports the growth of Web3.0 and decentralized finance (DeFi) industries, CITD aims to leverage its expertise in digital transformation to pioneer innovative solutions in various sectors, including finance, healthcare, and logistics.

The issuance of the Bonds in the form of Bond Security Tokens is expected to generate capital more efficiently and cost-effectively, while showcasing the benefits of blockchain technology to potential investors. CITD’s approach eliminates intermediaries and enables direct deposit of tokens into investors’ wallets. Bond Security Tokens can be easily transferred and stored, streamlining bond transactions and offering a secure method for managing investments.

The yield to maturity of the Bonds is set at 3.73% per annum, which the Directors of CITD consider to be fair and reasonable compared to similar treasury yields. The terms and conditions of the Bonds have been reviewed by legal advisers, ensuring compliance with regulatory obligations in Hong Kong.

With an issue period from the First Issue Date to July 12, 2023, CITD will keep shareholders and potential investors informed of the outcome of the bond issuance. As the company expands into the Web3.0 space, it seeks to solidify its position as a leader in the emerging blockchain ecosystem, driving the widespread adoption of digital securities.

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Tagged : Blockchain / BOND SECURITY TOKEN / CITD / DeFi / DLT / News / WEB3.0

Hong Kong Embraces Web3.0 and Advances as an International Crypto Hub, said Chief Executive

by Blockchain NewsJune 26, 2023

Chief Executive Li Ka-chung expressed his delight at attending the “Convergence of Finance, Innovating the Future” seminar and the Hong Kong Economic Times Business Awards ceremony hosted by the Hong Kong Economic Times. Addressing esteemed guests and friends, Li Ka-chung emphasized Hong Kong’s potential in leveraging its strengths as an international financial center and driving the development of cutting-edge technologies, particularly in the realm of Web3.0.

Renowned for its status as one of the world’s freest economies and the largest offshore RMB hub, Hong Kong boasts a highly open and international market, aligned regulatory frameworks, a robust legal system, and a pool of talented professionals. As a city under the “One Country, Two Systems” framework, Hong Kong enjoys the unique advantage of bridging global and Chinese advantages, acting as a two-way gateway connecting the nation and the world’s financial markets.

The current administration has made significant efforts to consolidate Hong Kong’s position as an international financial center. Notably, in the past two months, the “Bond Connect” Northbound trading link was officially launched in mid-May. Additionally, the Ministry of Finance issued the first tranche of RMB 12 billion government bonds in Hong Kong this month, with a total of RMB 30 billion to be issued throughout the year. Furthermore, the Hong Kong Stock Exchange introduced the “HKD-RMB Dual Counter Model” and dual counterparty mechanism in the local securities market.

Hong Kong has established itself as a leader in financial services and offshore RMB business. Moreover, it has emerged as Asia’s green finance hub, with the issuance of green and sustainable bonds reaching a record high of USD 80.5 billion last year, representing a growth of over 40% compared to the previous year. Hong Kong’s share in the Asian market for such bonds exceeded one-third, positioning it as the leading city in Asia. In February of this year, the government issued the world’s first government-backed tokenized green bond, contributing to the sustainable and responsible development of the virtual asset industry while embracing Web3.0-related financial innovations.

The government’s embrace of financial innovation showcases its determination to develop Hong Kong as an international innovation and technology center under the national “14th Five-Year Plan.” The government unveiled the “Hong Kong Innovation and Technology Development Blueprint” at the end of last year, introducing several policy measures aligned with four major development directions.

Notably, Hong Kong’s commitment to nurturing an innovative and technological ecosystem has received global recognition. According to the “2023 Global Startup Ecosystem Report,” Hong Kong ranked second among the top “Emerging Ecosystems” globally and first in Asia. This ranking affirms Hong Kong’s determination to develop a thriving startup ecosystem and demonstrates its readiness to compete globally and become an international innovation and technology hub.

To enhance the city’s innovation and technology ecosystem, the government has allocated HKD 10 billion to establish the “Industry-University-Research Collaboration Program” aimed at accelerating the commercialization of outstanding research achievements in Hong Kong. Efforts are also underway to establish a microelectronics research institute and an artificial intelligence supercomputing center, providing comprehensive support to local scientific research

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Tagged : CONVERGENCE OF FINANCE / FINANCIAL INNOVATION / News / OFFSHORE RMB HUB / Web3 / WEB3.0

Hong Kong Embraces Web3.0 and Advances as an International Crypto Hub, said Chief Executive

by Blockchain NewsJune 26, 2023

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Tagged : CONVERGENCE OF FINANCE / FINANCIAL INNOVATION / News / OFFSHORE RMB HUB / Web3 / WEB3.0

China’s Shanghai Prioritizes Blockchain, Web3.0, and Metaverse in Three-Year Manufacturing Development Plan

by Blockchain NewsJune 15, 2023

Shanghai, a front-runner in the deployment of emerging technologies in China, has recently announced its ambitious “Three-Year Action Plan for Promoting High-Quality Development of Manufacturing (2023-2025).” This strategic initiative was revealed by the Shanghai Municipal Government Office, highlighting the city’s commitment to accelerating the development of its digital economy with a focus on Blockchain, Web3.0, and the Metaverse.

The plan underscores the role of these three key technologies in shaping the future of the city’s manufacturing industry. Blockchain and Web3.0, both pillars of the next generation digital economy, are spotlighted as integral parts of the city’s digital transformation strategy. By prioritizing these technologies, Shanghai aims to position itself at the forefront of digital innovation and economic growth.

The development of the Metaverse, a term used to describe a virtual-reality space where users can interact with a computer-generated environment and other users, is another pivotal aspect of the plan. This follows the release of the “Shanghai Metaverse Key Technology R&D Plan (2023-2025)” by the Shanghai Municipal Science and Technology Commission on 13 June. The Metaverse initiative integrates local and international industrial development trends, focusing on key technology dimensions such as content, computation, transmission, and terminal technology.

Furthermore, the action plan also outlines the city’s effort to foster the creation of future industries, including the construction of advanced industrial areas like Zhangjiang, Lingang, and the Bay of Large Zero. These locations will serve as the leading areas for future industrial development, marking another step towards Shanghai’s goal of becoming a global tech hub.

With its comprehensive and forward-looking approach, the “Three-Year Action Plan for Promoting High-Quality Development of Manufacturing” is poised to solidify Shanghai’s position as a global leader in manufacturing and digital innovation. This move reaffirms the city’s commitment to embracing advanced technology and digital solutions as key drivers for future economic growth and sustainability.

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Tagged : Blockchain / China / Metaverse / News / Shanghai / THREE-YEAR ACTION PLAN / WEB3.0

Blockchain Labs and HashKey Capital Launch Future3 Campus, a Web3.0 Innovation Incubator

by Blockchain NewsMay 31, 2023

Blockchain Labs and HashKey Capital have announced a joint initiative to establish Future3 Campus, a Web3.0 innovation incubator aimed at promoting the global Web3.0 ecosystem. With principal incubation bases in Shanghai, Guangdong-Hong Kong-Macao Greater Bay Area, and Singapore, the incubator aims to foster Web3.0 Massive Adoption, DePIN, and AI.

The Future3 Campus will also launch an inaugural seed fund of $50 million to nurture Web3.0 projects, thus truly serving innovators in the Web3.0 field.

The first incubation batch, known as Future3 Camp 1, will focus on Web3.0 Massive Adoption. Applications for Future3 Camp 1 are now open globally. The selection process aims to choose no more than 15 excellent teams who will receive three months of in-depth incubation followed by nine months of long-tail tracking, including technical guidance, product strategy, professional training, resource docking, publicity, market activities, financing services, and other comprehensive entrepreneurial support.

Camp 1 is set to begin on July 22, with a team of industry veterans from home and abroad acting as mentors, providing one-to-one customized incubation service solutions based on the specific situations of the project. Participating teams will also get a chance to regularly partake in forward-looking industry insight sharing and exchange events, have face-to-face communication with well-known industry investment institutions, communities, and technical representatives, and receive deep technical guidance, market resource support, ecological resource docking, and financing support, which will aid in achieving exponential growth.

In addition to the incubator, Future3 Campus will also provide entrepreneurial guidance for Web3.0 entrepreneurs through various online and offline industry activities and systematic training, paving the way for more talented individuals to enter and develop long-term in the Web3.0 industry.

About Blockchain Labs: Blockchain Labs is one of the earliest blockchain technology research institutions in China, with Ethereum founder Vitalik Buterin serving as the chief scientist. Since its inception, Blockchain Labs has been dedicated to promoting the popularity and development of blockchain technology.

About HashKey Capital: HashKey Capital is an institutional asset management company focused on digital assets and the blockchain industry. As one of the most influential and largest cryptocurrency funds globally and one of the earliest institutional investors in Ethereum, HashKey Capital currently manages over $1 billion in assets, with investments in more than 500 projects across various sectors.

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Tagged : BLOCKCHAIN LABS / FUTURE3 CAMPUS / Hashkey / News / WEB3.0

Beijing Releases Web 3.0 Innovation and Development White Paper (2023) at Zhongguancun Forum

by Blockchain NewsMay 29, 2023

On May 27, 2023, the Beijing Municipal Science and Technology Commission and the Zhongguancun Science and Technology Park Management Committee unveiled the “Beijing Web 3.0 Innovation and Development White Paper (2023)” at the parallel forum of the Zhongguancun Forum titled “Web 3.0: Future Development of the Internet Industry.”

The release of the White Paper aims to consolidate industry consensus and promote industry development, representing an important initiative by the Beijing Municipal Science and Technology Commission and the Zhongguancun Management Committee to advance Web 3.0 industry development. The White Paper provides a systematic analysis and exposition on the connotations, system architecture, domestic and international development status, Beijing’s development status, and development recommendations of Web 3.0.

According to the White Paper, Web 3.0 represents the culmination of modern science and technology and is an inevitable trend in the future development of the Internet industry. It encompasses highly immersive interactive experiences and the convergence of virtual and real-world spaces, including the essence of the metaverse and Web3.

The White Paper outlines a four-layer framework for the Web 3.0 system architecture, including the infrastructure layer, interaction terminal layer, platform tool layer, and application layer. The infrastructure layer provides essential support for the operation of Web 3.0, including technologies such as artificial intelligence, blockchain, computing chips, and communication networks. The interaction terminal layer supports device and technological support for perceiving and interacting with the virtual and real worlds, including XR terminals, holographic imaging, and brain-computer interfaces. The platform tool layer provides technical support for constructing behavioral entities and digital environments in virtual spaces, involving technologies such as digital content production and digital twinning. The application layer offers services for consumer entertainment, industrial manufacturing, government services, and urban management. Typical application carriers with Web 3.0 characteristics include digital humans, virtual spaces, and digital asset circulation platforms. The White Paper provides a detailed analysis of the key core technologies and industrial application directions related to Web 3.0.

From the perspective of industry development, the White Paper identifies generative artificial intelligence, XR interaction terminals, and content creation tool platforms as the research hotspots in the Web 3.0 industry. Domestic and international tech giants, including Apple, Meta, Microsoft, Google, NVIDIA, Baidu, ByteDance, and Tencent, are actively engaged in layout and leading the industry. Emerging applications such as digital humans and digital collectibles are rapidly developing and being implemented, with innovative entities exploring their application in various fields. Web 3.0 social organizations demonstrate active performance, and the capital market is gradually returning to rationality.

At the national level, the United States is leading the global development of the Web 3.0 industry, while Europe emphasizes privacy protection, and Japan and South Korea strive to become leaders in Web 3.0. Local governments in China are actively planning and developing, with over 30 provinces and cities having issued supportive policies. Beijing, Shanghai, Guangzhou, Hangzhou, and other cities are particularly proactive.

Regarding the current development status of the Web 3.0 industry in Beijing, the White Paper believes that Beijing holds a leading position in terms of policies and measures for Web 3.0 industry development, innovative enterprises, and research foundations in the field. Currently, Beijing is planning a series of work measures in key technologies, common technology platforms, application scenarios, innovation ecology, and regulation to accelerate the construction of an internationally influential innovation hub for Web 3.0. Meanwhile, Beijing continues to strengthen the coordination between the city and its districts to promote regionally specialized development.

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Tagged : BEIJING MUNICIPAL SCIENCE AND TECHNOLOGY COMMISSION / News / WEB3.0

MLB is Looking to Hire an Expert to Expand its Metaverse Presence

by Blockchain NewsOctober 19, 2022

Major League Baseball (MLB), an American professional baseball organization and the oldest major professional sports league in the world is looking for an expert in Metaverse and Web3.0-related innovations as it looks to expand its current presence in the emerging ecosystem.

According to the details shared on LinkedIn, the MLB job title is “Licensing Manager- Digital Games, NFT, Metaverse.” The hired professional will be undertaking many tasks including the development and execution of partnership strategy in expanding digital portfolio areas including, NFT, Metaverse, wearable technology, and AR/VR strategy.

While this job description already suggests the league association is ready to go all out in the Web3.0 space, the profession will also be tasked with identifying partnerships with marketplaces, tools, and platforms to create best-in-class product experience for baseball fans to access and engage with the league’s expanding digital collections.

While the entire clamor for the metaverse is just building momentum, MLB’s involvement in the space has been quite emphatic. Besides inking a partnership with Candy Digital back in January, a linkup that opened it up to start selling NFTs at the time, MLB is also the official baseball partner of Sorare.

As reported by Blockchain.news in May, the Sorare partnership positions the MLB to help create teams with NFTs representing Major League Gaming players. The created team can then be used to enter tournaments through which the players’ real-life performance is automatically reflected in the game.

Like many Web2.0 organizations, the hiring move from the MLB is considered a bold step and a worthy investment that can generally help in advancing the course of Web3.0. While the role has already seen as many as 108 applicants according to the LinkedIn update, the MLB has not come out to announce it has filled the role as of the time of writing.

Image source: Shutterstock

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Tagged : Candy Digital / Metaverse / Mlb / NFT / Sorare / WEB3.0