Finding new solutions to old problems, bringing new efficiency and saving costs are just a few of the reasons that so much funding has found its way to projects that utilize the technology underpinning digital currencies, blockchain. Japanese investment banking brokerage, Daiwa Securities Group, have just announced through the financial publication Nikkei, that they are in negotiations for another new application of blockchain in Myanmar. This new project would see the blockchain based solution used as a platform for secure, reliable payments between the Yangon Stock Exchange and brokers around the country. Robust enough to cope with the less than ideal infrastructure, the system has already proved itself in trials.
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There has been huge interest in blockchain ever since Bitcoin launched in 2009, and in recent years the level of investment in blockchain based research has grown massively. While much of this has been in the financial and insurance industries, and come as no surprise, it is the sheer variety of applications for blockchain that has caught the eye. Whether it is a system to verify artwork or track shipping containers, the new uses for blockchain technology seem endless.
A report in Nikkei, the Asian financial publication, has revealed another project that seeks to leverage the power of the blockchain, and this time it is being developed by Japanese investment banking brokerage, Daiwa Securities Group. They announced that negotiations are ongoing with the Myanmar government to introduce a new, blockchain based payment system for stock trading within the country. Formally known as Burma, Myanmar is a country emerging from a period of unrest, with the first nationally elected government for over 30 years taking control in 2015.
This young democracy is, as Nikkei suggests, particularly suitable for blockchain based systems due to its stock trading systems, that differ from more established exchanges. As Nikkei notes, “Blockchain is unfit for high-speed trading, but the Yangon Stock Exchange only matches buy and sell orders twice a day, at 11 a.m. and 1 p.m., unlike the continuous matching that happens at most bourses. Therefore, Daiwa expects no technical issues to bar introduction of the system.”
The proposed blockchain solution will connect the major exchange, the Yangon Stock Exchange (YSX) with brokerages across the country and provide the infrastructure for secure, reliable trading. Tests already carried out by Daiwa using equipment that match those in Myanmar confirm that the system could cope with the unstable power supply in parts of the country that result in frequent brown-outs, and the results of these tests are thought to be the key to convincing the Myanmar government of the suitability of the system and give the go ahead.
Blockchain is forging a path across every continent, providing solutions to a huge variety of problems, adding efficiency and cost savings to existing solutions, and being integrated into almost every aspect of technological life. This trend can only be beneficial for the entirety of the cryptocurrency industry and suggests that the industry itself, not just Bitcoin, has a bright future.