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Finance

Blockchain can lift Asian trade over gaps in trust

Use of tamper-proof ledger technology could boost transactions, activity

| China

Much discussion has centered on the use of blockchain, the technology that underlies the digital currency bitcoin, as a tool to improve transparency and efficiency in financial services. Its greatest potential however lies in the provision of a critical element underpinning all economic transactions: trust.

In its purest form, blockchain is a digital ledger of transactions recorded across a network of participants in a tamper-proof chain visible to anyone. If all kinds of financial, legal and product information can be protected against manipulation or fakery, this would provide an unprecedented level of trust and enable greater economic activity.

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