Understanding the advantages and challenges of digital contracts

In today’s financial ecosystem, the focus is on finance and not the physical infrastructure that comes along. This brings us to fintech, which helps economies work on their financial industry without working about historical records. The ecosystem is focusing on banking and not banks. But it is important to understand the reason and logic behind adopting and absorbing cryptocurrency as the new form of money. Else, in this race for getting hands on the newest technology, the whole purpose of it might get lost.
 
Money is more than just a medium of exchange for people. They have an emotional connection with money. This makes them more risk-averse about it and hence this translates into a high degree of inertia for the newest technology to be adopted at the pace we expect it to.

Key takeaways:

- Blockchain, which serves as a building block for a decentralized economy, is the next and newest form of currency via cryptocurrency. With Change in the form of money, it is now important to understand the change in the payment system.

- Among different types to cryptocurrency, when blockchain is used for the operability of cryptocurrency, it is crucial to understand how it will be a perfect piece of the puzzle for it to be used in tomorrow's decentralized economy. Therefore, it is important to understand the evolving technology and how crucial it is to adopt it in a more scalable way.

- Understand the reason and logic behind adopting and absorbing cryptocurrency as a new form of money. Else, in this race for getting hands on the newest technology, the whole purpose of it might get lost.

- Money is more than just a medium of exchange for people. Hence this translates into a high degree of inertia for the newest technology to be adopted at the pace we expect it to.

China is leading the way among large economies in trialing Central Bank Digital Currency (CBDC). Its official name is Digital Currency Electronic Payment (DCEP). The digital Yuan, unlike Bitcoin and other private currencies, will be legal tender.

DCEP is intended to bring about another era of a digitized economy in the face of advancing blockchain or distributed ledger technology (DLT). China has not welcomed cryptocurrencies but subscribed to Blockchain technology. When plans were put in place to begin development of the digital yuan, the country planned to overhaul the digital payment ecosystem in the country. This was to strengthen the Yuan both locally and internationally.

Agenda
1. PBOC and Digital Yuan
2. China Digital Penetration
3. RMB Internationalization
4. Impact on the Global Market

Blockchain Tech has numerous applications in the fintech space, but comes with unavoidable challenges and difficulties like in any area of life and business. We will review the top difficulties and explore potential solutions during this webinar to help you make a decision for your own business.

Central Banks in SAARC and ASEAN countries are being more and more receptive to the idea of using blockchain and cryptocurrency. There is an increased interest shown by Central Banks in the region to implement some form of blockchain related solution and we have seen multiple initiatives and pilot projects starting in 2019 and 2020.

- Why are Central Banks in Asia focusing on enabling blockchain-based services and cryptocurrencies?
- Interesting uses cases for blockchain-based applications for Central Banks
- Some of the completed and on-going Central Bank blockchain projects
- What to expect in 2021 relating to Central Banks and Blockchain?

aitos.io is a stealth embedded software security startup for the integration of IoT and Blockchain ecosystems to offer trusted identity authentication and data privacy preserving computational protection for the integrity of data originating and refined at the edge.

All trust starts with securing the data at the source of collection, from the sensor to the module to the gateway and then to the cloud. aitos.io has partnered with 9 major cellular IoT module manufacturers and two global mobile network operators to promote the concept of a "Blockchain Module" with our "BoAT" or Blockchain of AI Things SDK middleware framework for the protection of data from the collection source. aitos.io plans to make our "BoAT" SDK the defector standard for protection of data at the source and actively partnering with virtual use cases, global MNOs, Cloud service providers and many IoT device manufacturers to realize the importance of protecting data and integrating IoT with the Blockchain for the integrity of trusted data.

Karl J. Weaver 魏卡爾
Global Biz Dev Director - (BoAT - Blockchain of AI Things)
aitos.io 摩联科技

Karl J. Weaver is a bilingual-Mandarin speaking, senior wireless industry, mobile payments & device security executive in the smart card/semiconductor sectors. He joined aitos.io in February, 2020 as Global Business Development Director, based in Shanghai. Aitos.io supplies an SDK embedded into cellular IoT modules to allow Apps & services to directly run on the Blockchain with trusted identity and data privacy.