Exclusive | Blockchain adoption poised to go mainstream, say founders of HK start-up PassKit
Already a member of IBM’s Global Entrepreneur Programme, creators see use of so-called distributed ledger technology raising efficiency in a wide range of merchant loyalty programmes
Consumers may soon find that earning points to qualify for free cups of coffee or claim airline tickets will be powered by the same technology behind bitcoin and other virtual currencies – blockchain.
“We see a massive opportunity, especially for small businesses across Asia, to reap the benefits from blockchain, which a lot of large enterprises still mainly associate with cryptocurrency,” Paul Tomes, the co-founder and chief executive at start-up Hong Kong mobile application developer PassKit, told the South China Morning Post in an exclusive interview.
Blockchain, which has gained both notoriety and acclaim as the mechanism behind cryptocurrency bitcoin, enables the creation of an online database network where all participants create, share and store records of transactions in a secure and efficient manner, according to a white paper commissioned by the Hong Kong Monetary Authority (HKMA).
The initial applications of this so-called distributed ledger technology outside cryptocurrencies have included post-trade settlements, record checking and management, and cross-border fund transfers, the paper said.
We see distributed ledger technology improving the use of non-currency assets, such as mileage points from airline loyalty programmes and stamp cards used by coffee shops and other small merchants
“We see distributed ledger technology improving the use of non-currency assets, such as mileage points from airline loyalty programmes and stamp cards used by coffee shops and other small merchants,” Tomes said.