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Standard Chartered and Mastercard Complete Tokenized Deposit

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6 months ago

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Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have successfully completed their first live experiment on the execution of tokenized deposits using the Mastercard Multi-Token Network (MTN).

This initiative tested how blockchain technology could be used in the banking sector. It was done under the supervision of the Hong Kong Fintech Supervisory Sandbox.

Mastercard Multi-Token Network in Action

The research was carried out on a Mox Bank client, a digital bank under Standard Chartered, who bought a carbon credit. Mox Bank asked SCBHK to tokenize this asset, and that was done through the use of Libeara, a tokenization platform developed by SC Ventures, Standard Chartered’s innovation arm. 

The transaction was carried out via Mastercard’s MTN, which resulted in an atomic swap between the tokenized deposit and the carbon credit. Hence, the client received the tokenized asset in their digital wallet.

Helena Chen, the Managing Director of Mastercard for Hong Kong and Macau, said,

“Mastercard is delighted to join forces with SCBHK, Mox, and Libeara to create applications that will change the way consumers and businesses transact.”

Broader Implications for Financial Technology

This test is a part of the general tendency of integrating blockchain technology into financial organizations. The Hong Kong Monetary Authority (HKMA) has been forward-looking with Project Ensemble, which is to research tokenized deposits and wholesale Central Bank Digital Currencies (CBDCs).

Moreover, this initiative is in the same line with the worldwide trend of digital currency, which is the case with Standard Chartered’s involvement in other important projects like the multi-CBDC cross-border payment platform, mBridge, and the eHKD CBDC trials.

The success of this test, as a result, could be the starting point for the more general use of tokenized assets and digital currencies, which will change the way banking transactions are conducted. Mary Huen, the CEO of Standard Chartered Hong Kong, said,

“Under the leadership of the HKMA, we are the first to carry out this project and to be the catalyst for the use of tokenization in financial assets. “

Developments and Sectoral Trends

The financial industry, consequently, is observing these developments very carefully as they might be the beginning of a new age in financial transactions that are marked by the increase in effectiveness, transparency, and security.

In addition to that, other reports and analyses on bank-issued stablecoins and tokenized deposits are also anticipated to disclose the possible changes in the industry.

Besides, other financial institutions and tech giants are also looking into the same blockchain applications, which is proof that digitalization and tokenization is on the rise in finance.

Read Also: Dogwifhat Price Forecast: Reasons Why WIF Could Hit $5 May?

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Blockchain

Bangkok to host Open AGI Summit and DevCon Conference to promote ethical AI development

Published

7 days ago

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October 31, 2024

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Bankok to host Open AGI Summit and DevCon Conference to promote ethical AI development
  • Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
  • The summit focuses on ethical AI development through decentralized governance models.
  • Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.

Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.

These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.

Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.

All eyes on the Open AGI Summit

As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.

By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.

The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.

Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.

Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.

Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.

Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.

This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.

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Blockchain

Bankok to host Open AGI Summit and DevCon Conference to promote ethical AI development

Published

7 days ago

on

October 31, 2024

By


Bankok to host Open AGI Summit and DevCon Conference to promote ethical AI development
  • Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
  • The summit focuses on ethical AI development through decentralized governance models.
  • Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.

Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.

These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.

Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.

All eyes on the Open AGI Summit

As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.

By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.

The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.

Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.

Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.

Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.

Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.

This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.

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A Blockchain Platform for Real-World Asset Digitization Officially Launches Mainnet

Published

7 days ago

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October 31, 2024

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LocaChain, the pioneering blockchain platform designed for the digitization and management of tangible assets, has officially launched its mainnet. This marks a significant leap in blockchain technology with applications spanning various sectors, including real estate, bonds, and other high-value assets. LocaChain aims to build a complete ecosystem focused on advanced, sustainable solutions to meet global economic development needs through tokenized assets.

Revolutionizing Real-World Asset Management

With its mainnet platform, LocaChain offers a secure, scalable, and efficient infrastructure that facilitates the digitization and management of tangible assets like real estate and bonds. This allows for fast and transparent transactions, enabling investors and businesses to save both time and costs. Asset tokenization provides superior asset management solutions with transparency and traceability, building strong trust among all participants.

Key Features of LocaChain

Beyond asset management, LocaChain offers a diverse suite of features, positioning the platform as a comprehensive solution for businesses, developers, and users. LocaChain’s core functionalities include:

Core Infrastructure & Application Development

  1. DApp Development: LocaChain supports an environment for decentralized application (DApp) development, enabling businesses and developers to create real-world blockchain applications across various sectors.
  2. Wallet Integration: Securely store and manage assets on LocaChain.
  3. Token and NFT Transactions: Smooth token and NFT exchanges within the ecosystem.

User Engagement & Social Features

  1. SocialFi Integration: Adds social finance features to enhance user engagement on LocaChain.

Asset Management & Product Traceability

  1. Real-World Asset Digitization: Tokenize high-value assets such as real estate and bonds for secure and efficient management.
  2. Product Traceability: Provides end-to-end product traceability, ensuring the reliability and authenticity of goods across various industries.
  3. NFT Vouchers: Businesses can issue and manage NFT-based vouchers, offering a dynamic, digital way to reward customers and build flexible loyalty programs.

Marketplace & Transactional Features

  1. NFT Marketplace: Integrates an NFT marketplace where users can trade digital assets using LCG as the main token and LCC as the gas fee.
  2. E-commerce and Auction Applications: Supports e-commerce and auction platforms, enabling businesses to list, sell, and manage products transparently on the blockchain for enhanced transaction credibility.

Advanced Token & Financial Tools

  • Multisend Token Feature via TrustKeys: Facilitates multi-token transfers, allowing users to efficiently distribute tokens to multiple recipients.
  • Multi-Token Staking: Users can stake various tokens within the LocaChain ecosystem to earn rewards.
  • Bridge to BSC: Provides a bridge for seamless asset transfers between LocaChain and Binance Smart Chain (BSC), enhancing interoperability with decentralized financial services.
  • Crypto Payment Gateway: Supports integrated crypto payment gateways, allowing businesses to accept cryptocurrency payments and optimizing global transactions in a digital-first economy.

LocaChain in LocaGo Ecosystem

LocaChain serves as the blockchain backbone of the LocaGo ecosystem, designed to connect users and businesses through blockchain and AI technology. The LocaGo ecosystem encompasses multiple applications to enhance interaction between businesses and customers while increasing community engagement in real-world economic activities.

With its mainnet launch, LocaChain goes beyond asset management to become a vital part of a comprehensive digital ecosystem, offering optimal solutions for businesses and users in managing tangible assets and conducting transparent transactions.

For more details on LocaChain and LocaGo ecosystem, please visit the official website at https://locachain.io.

Contact

For media inquiries, partnerships, or further details, please contact:

LocaGo Media Relations

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