LuxTag Attends Blockchain Solutions Asia 2018
LuxTag’s team attended the Blockchain Solutions Asia on the 27–29th of September at the Kuala Lumpur Convention Center. The event (BSA2018) was set to provide the answers for organizations to better understand the impact of Blockchain Revolution and its technological advances on their business models and operating processes in order for them to adapt to this new world technology-led order. Being held over two days, the event covered six important topics; Blockchain Explained, Blockchain Infrastructure and Development, Fundraising, Banking and Insurance, and Energy.
Blockchain has become a disruptive technology that has started to be used in many different industries. The entire market size of the blockchain market is expected to reach over $7.5 billion by 2022. Currently, there are over 36 different industries that are researching, planning or actively implementing blockchain technology in their businesses. This huge growth shows the growing impact of this new technology and why it is important for businesses to begin to look at the opportunities offered by using blockchain solutions. Events like Blockchain Solutions Asia are met to promote growth in the knowledge and use of this innovation.
The first day served as an introduction to the event and the presenters spoke about the infrastructure and development of blockchain. This introduction helped many business leaders attending to get a better perspective of blockchain. Presenters showed the impact that blockchain would have on businesses specifically in Asia. The crowd consisted of businessmen and women from many different technical backgrounds. Many were well trained in blockchain technology while others were complete novices just becoming interested in blockchains possibilities.
During the second day of the event, presenters dove a little deeper into the use cases of blockchain. Speaking about many key industries including banking and insurance, energy, smart cities and transportation, and even speaking how these companies can raise funding. The raising of funding was an interesting topic covered as blockchain opens companies to being able to access more capital by issuing tokens to possible investors, being able to raise money without losing equity in the company.
While ICO’s are a very interesting option they are riddled with risk for not just the investor but also the company issuing the tokens. ICO’s are still not well regulated, this loose regulation has resulted in many frauds. It was said at the convention that only around 10% of companies that issue an ICO are successful at doing so. Due partly to the fact that many companies issuing an ICO are bad actors that are just trying to defraud their investors. A lack of regulations and the many issues with ICOs is part of the reason that LuxTag has decided to avoid raising capital through these means. Relying on the time proven method or relying on investors for capital to help grow our company.