Blockchain is not a myth? Impact of the inherent trust mechanism


Hong Kongers have been afraid of ‘FinTech’ since the branch network collapse. Ever since then, when new technology arises, Hong Kongers are hesitant to apply these technology and fall behind. Blockchain is one of the examples. If you go out and ask people on the street what is Blockchain, nine out of ten could not articulate what it is. In reality, the world is going through monumental change because of blockchain. One of China’s richest man, Jack Ma, has previously commented that blockchain is not a bubble nor a huge gold mine; blockchain is a solution to privacy and safety issues in this digital age. In fact, most governments position start from not understanding, resisting, reserving and ultimately supporting blockchain. As commented by the Taiwanese legislative council member, Hsu Yu-Jen, blockchain is an industry that revolutionises the trust mechanism. After the 2008 financial collapse, the excessive leverage of the international financial market and the counterattack of institutional investors on the financial market have caused third-party trust mechanisms such as tax payment and social contract to be impacted. Blockchain will not create a bigger financial bubble, but build a trust mechanism through the common folk. Blockchain is not a myth, but a real trust mechanism that could be applied to daily life.

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