The ASEAN Blockchain Consortium will enable cross-border sharing of knowledge and experience on blockchain-powered solutions
Blockchain organisations in the Asia-Pacific region signed a Memorandum of Understanding (MOU) earlier today, marking the creation of the region’s first formal agreement to collaborate on blockchain advocacy, public education and talent development.
Dubbed the ASEAN Blockchain Consortium (ABC), the group of blockchain organisations from South-East Asia and Australia seek to harness the power of innovation, welcoming governments and thriving start-ups in the region. Dedoco, a blockchain-based digital signing platform, hosted the virtual signing ceremony.
Asosiasi Blockchain Indonesia, Blockchain Australia, Blockchain Association Singapore, Distributed Ledger Technology Association of the Philippines, Malaysia’s Labuan International Business and Financial Center, Thailand Digital Asset Operators Trade Association, and Blockchain Australia are the inaugural members of the ABC.
Highlighting the significance of the collaboration, Chia Hock Lai, co-chairman of the Blockchain Association Singapore told Forkast that “The most effective blockchain networks are those that are cross-border with a large number of stakeholders.”
While governments in the region have been reluctant to involve cryptocurrency in their financial system, they have embraced the underlying blockchain technology with open arms. Indonesia, one of ASEAN’s largest economies, has announced that it will work towards creating a legal framework for blockchain-based innovations.
Highlighting how cross-border collaboration can contribute to the surge in large-scale implementation of blockchain systems in the region, Chia pointed out that the sharing of experience and knowledge can lead to immense efficiency gains during the use of blockchain technology in certain domain areas
He further emphasised that the acceleration in blockchain-based innovation in the Asia pacific coupled with increasing regulatory certainty shows that there is no better time than now for such a consortium to function.
The organisations involved in the ABC seek to achieve better advocacy for progressive regulations that can foster the digital assets industry, address misconceptions about the use of cryptocurrency for illicit activities, create awareness on how to save oneself from crypto and blockchain-based cybercrimes, and host networking events to share knowledge and best practices.
The consortium also looks to work with regulators to promote innovation, mitigate the negative impact of new technology, and develop blockchain talent in the region to ensure that the current pace of growth of the blockchain sector in ASEAN nations is sustainable in the long run.