Blockchain Embassy Asia (BCE.Asia), a Malaysia-based non-profit, digitally-distributed organization that promotes blockchain governance as a method for collaboration among business entities in Asia, recently established a steering committee in its mission of educating organizations in Asia about the legal and technical implications of distributed ledgers.…
Blockchain Embassy Asia (BCE.Asia), a Malaysia-based non-profit, digitally-distributed organization that promotes blockchain governance as a method for collaboration among business entities in Asia, recently established a steering committee in its mission of educating organizations in Asia about the legal and technical implications of distributed ledgers.
The organization recently fulfilled its self-imposed requirement of having nine “ambassadors” with different specialties for its Malaysian Steering Committee. They are: RHB, trustee ambassador; MahWengKwai & Associates, legal ambassador; Maybank, banking ambassador; Capital Bay, invoicing ambassador; 1337 Ventures, community ambassador; chain of things, IoT ambassador; ATA-Plus, fintech ambassador; iTrainAsia, education ambassador; and R1, technology ambassador.
BCE.Asia accomplishes its mission in various ways. The organization has presented at the central bank of Malaysia and participated in SCxSC2016 with Malaysia’s Security Commission. The organization has provided paid workshops and ideation sessions to organizations.
Blockchain adoption faces regulatory challenges that are compounded by additional factors like industry-specific requirements and various jurisdictions. With its legal ambassador, BCE.asia can assist companies interested in the distributed technologies with legal frameworks for their prototypes.
The embassy also offers a secure web-accessible platform for creating blockchain-driven products in a controlled environment. Such assistance can accelerate development of prototypes and partnerships. The varied ambassadors offer domain-specific knowledge, providing better cross-industry collaboration.
Stakeholders in different industries can collaborate in exploring the application of blockchain technology. Leveraging the network effects of a diversified ecosystem can deliver benefits promised by the technology on a larger scale.
BCE.asia seeks to share the ownership and control of content for web-accessible property with all stakeholders, but without centralized methods to authorize access or a single point of failure dictating its availability.
While it was conceived in Malaysia, BCE.asia has reached out to partners throughout Asia. The organization believes Malaysia makes an ideal place to kickstart the initiative.
Neuroware, a team of technologists in Kuala Lumpur that helps organizations and individuals explore, adopt, and implement distributed ledger technology, helped launch ATA-Plus, which it cites as the world’s first licensed and fully regulated blockchain-enhanced equity crowdfunding platform.
ATA-Plus can now offer technological escrow services for direct bitcoin investments using keyless multi-signature solutions. Multi-signature technology allows multiple parties that don’t necessarily trust one another to have equal votes for specific transactions. Managing keys effectively can also provide additional security, regulatory compliance, escrow and other programmatical variables.
Image from Shutterstock.
Last modified: January 26, 2020 12:01 AM UTC