What a year 2022 has been! Not only for CryptoBLK, but for the blockchain industry as a whole! New legislation announced by The Hong Kong Government about new measures to drive sustainable growth of virtual asset innovations in Hong Kong has really caused quite a buzz in the Web3 space. There could not be a more exciting time to be in this space. We are excited to see how Hong Kong will charter its course into the global virtual assets industry in the upcoming year, becoming a digital assets financial centre itself.
Let’s have a quick look back at what CryptoBLK has been up to this year on both the front and back end!
Industry-wide Blockchain Solutions at CryptoBLK
This year, CryptoBLK’s vision has truly been to harvest and nurture the new and endless possibilities that come with blockchain technology. From further developing and growing existing projects to launching new ones, CryptoBLKers have really been unstoppable in the development end. In the past 12 months, our team has worked continuously to develop a Kentro Network, the world’s first Permissioned and Public Blockchain Network. It is a hybrid blockchain network bridging the private network applications to the public network which allows multiple decentralized applications (DApps) to run. Enterprises can enjoy the secured access control and peer-to-peer data encryption features of an enterprise-grade Kentro at the same time. Currently, we have multiple active permissioned applications that are running on Kentro network including MIDAS (Motor Insurance DLT-based Authentication System), Kentro Sign and Topaz.
Rising blockchain adoption in Insurance
MIDAS (Motor Insurance DLT-based Authentication System) is our blockchain-powered decentralized application specifically designed for authenticating motor insurance documents and combating fraud. This year, MIDAS has witnessed exponential growth and success, not only the insurance policies that utilize MIDAS has taken up more than 60% of the market share in premiums as of December 2022, it has also generated more than 200,000 transactions. Moreover, MIDAS is set to integrate with the Hong Kong Transport Department in 2023 that car owners no longer require providing motor insurance and it significantly reduces motor license renewal time and effort. We are extremely excited about MIDAS’ future development and the mass adoption of blockchain-powered applications across the insurance sector.
Document signing and authentication with Blockchain Security
With the increase in the number of security breaches and data leakages taking place each year led by the global shift to the digital era, privacy and security are essential to official document handling. It is true that the existing e-signing platforms allow the “sign anywhere anytime” convenience, however, the documents are required to go through a centralized platform, i.e. the platform has access to the data. To tackle the concern, our solution, Kentro Sign, built on a private blockchain network, is the safest document signing and authentication tool that limits data access only to authorized parties. This enables absolute privacy, easy traceability, and auditing in one single network. Kentro Sign is definitely a stepping stone for corporates to try out enterprise blockchain applications in a global network.
Using blockchain for construction project management
TOPAZ, a construction project management portal powered by blockchain, is introduced to enable all parties to use the unified platform from submitting claims and approving financial documents to issuing certificates & payment settling. It facilitates and streamlines payment processes for the construction industry. Currently, more than 100 users are using TOPAZ and we look forward to expanding usage to Greater Bay Area & SEA.
Public Blockchain Service Projects- The world’s first post-quantum privacy preserving Layer 1 Blockchain system
Abelian is a post-quantum privacy-preserving Blockchain network, which adopts the NIST standardized lattice-based cryptography, and is cryptographically proven secure. Its cryptocurrency ABEL is also anonymous and untraceable. With its new consolidated mining pool, users can now mine ABEL coins with fewer resources and a higher success rate by working together with other miners and get a much higher chance to earn ABEL coins. This year, Abelian witnessed a growth of the mining pool with an increase to 400 full nodes and 3000 mining sites where the miners come from all over the world. You can now head to abelian.info/downloads and download the Abelian Node and wallet for easier transactions. The development of smart contracts and wrapped ABEL (symbol of Abelian coin) has begun. We look forward to witnessing Abelian’s growth and have a few exciting projects planned for it next year!
Bright future in 2023
Being close to our customers, partners and the ecosystem is crucial for us at CryptoBLK in order to develop successful and sustainable Blockchain solutions. We serve with the goal to increase blockchain adoption, usage and to build more impactful Web3 applications for different sectors. We look forward to growing our enterprise-grade Kentro Network in 2023 and guiding more enterprises entering and embracing the Web3 space.
Wishing you all health, happiness and a bright future in 2023!