On October 9, 2018, the Hong Kong Blockchain Industry Association invited Ultiledger Founder Randolf Liang and Co-Founder and COO Tommy Xu to attend the Hong Kong Medical and Healthcare Blockchain Summit, which was held at the Hong Kong Stock Exchange.
Ultiledger Randolf Liang, Tommy Xu and Hong Kong Blockchain Association President Rex Wong, Bitwork co-founder Colin Lee
In order to popularize the application of blockchain technology, Hong Kong is committed to developing the local technology industry into a new economic pillar. It is in line with the dominant position of the banking industry and the shipping industry. At present, the Hong Kong government and institutions have invested a lot of resources in the blockchain. The summit attracted a large number of local companies, Hong Kong medias and investors and institutions. Ultiledger as a self-financing public chain representative exchanged information on the blockchain technology and services with the participating institutions and companies. .
After the summit, Ulltiledger communicated with the organizer of the Hong Kong Blockchain Association and the participating unit BitWork to promote the blockchain self-financing empowerment to the Hong Kong SMEs.
SMEs are the most important part of Hong Kong’s economy. As of December 2017, there were about 300,000 SMEs in Hong Kong, accounting for more than 97% of the total number of commercial units in Hong Kong, and providing employment opportunities for more than 1.3 million people. It takes more than 60% of the total employment.
As a world-famous international financial center, Hong Kong is an ideal financing place for SMEs, including mature markets, sound rule of law, abundant funds, and low financing costs.
With the popularization of blockchain technology, it is believed that more and more people can understand that the essence of the blockchain is a decentralized, transparent and tamper-proof accounting system. Through a comprehensive consensus algorithm, it provides a solution of a booking system with bank-level security but at a very low cost. And the blockchain is also known as the “trust machine.”
Applying to the issue of “enterprise financing”, Ultiledger has built a blockchain ecological platform for the demand of high financing costs, low digitalization of business processes and lack of value-added means of assets.
Ultiledger public chain ecological platform adopted the main chain and sub-chain coordination structure. The main chain mainly plays the role of ecological internal consistency, which mainly plays the role of value anchoring and sub-chain value exchange. The distributed storage mechanism is used to build the data and value flow channels of the sub-chain and the main chain, and provide appropriate value and storage mechanism for different business needs, and achieve the sub-chain system with customized requirements. With the improvement of the ecology, the sub-chain provides customized requirements for various organizations, and through the coordination of the main chain, it can complete smooth value circulation and improve the efficiency of the public-chain platform.
On the Ultiledger sub-chain, each sub-chain can be customized according to the organization of each different attribute, and it is universally applicable to any bank, enterprise, government, hospital, enterprise, etc. with economic attributes. With the construction of sub-chains, each organization can complete its digital process, achieve the free flow of internal information, and greatly improve the efficiency of internal operations. Furthermore, with the digital operation of each organization, a set of transparent, blockchain technology credit endorsement enterprise data can provide open and transparent operations for SMEs, as well as provide financing reference to the upstream and downstream enterprises, governments, banks and other institutions. In the operation process, enterprises involved in the construction of sub-chains can “tokenized” the internal assets and use effective blockchain value certificates to achieve internal economic circulation, such as employee salary settlement and upstream and downstream corporate customers, community user incentives, etc.
Each small and medium-sized enterprise participating in Ultiledger can not only achieve the “self-financing” operation after completing the “tokenization”, but also achieve the value exchange with the external organization through the anchored ULT value. In the Ultiledger ecosystem, asset transfers between sub-chains can be freely transferred through the main chain.
In the future, with deeper cooperation with the Hong Kong Blockchain Association and relevant local institutions, Ultiledger will empower the blockchain technology equally, and the changes will involve the subversion of traditional financial services, which will also bring down the cost and efficiency of enterprises. The substantial increase in the value of the economic value brought to society will also be limitless.