Is blockchain technology now the new world order?

Unlike the answer to any question that was ever asked by the Daily Mail (it’s always No), the response to the query above may well be Yes. And that’s regardless of whether you’re in the accounting and finance sector or not.

The fact that Hdac is shelling out zillions of pounds on (slightly baffling) football World Cup TV ads introducing the planet to “family blockchain” has to be a sign.

The South Korean “Internet of Things blockchain start-up” (I’ve never heard of a start-up with World Cup ads!) is screening a video (see above) that demonstrates the potential uses of blockchain distributed ledger technology (DLT).

Virtual reality transactions

Shown on ITV and Eurosport, in English and French, it shows a family in a home where the appliances talk to each other and various virtual reality transactions, like the purchase of a child’s dress, are verified by blockchain tech.

The uses of the ledger technology are well-documented, even if most of us are not yet fully conversant. Home safety is a potential use, but is work in progress. For instance, Comcast is set to offer a blockchain-powered security service for smart homes. And several companies are aiming to use it for secure video calling.

Usage of connected devices

Hdac is the Hyundai Digital Asset Company, part of Hyundai, and one of the three big Korean conglomerates along with Samsung and LG. It was set up by Chung Dae-sun, nephew of Hyundai CEO Chung Mong-koo. The company says is, “an IoT contract platform based on blockchain, that exchanges but also restricts the usage of connected devices.”

Clearly, from the ads, the company is looking to show us that distributed ledger technology (DLT) seen in other blockchain platforms can ensure that transactions across different devices are safe and smooth.

Hdac says: “We are creating a more innovative future. The technological philosophy underpinning Hdac is to dramatically improve M2M [machine to machine] transaction environments daily: all transactions should be seamless and easy.”

Another use of blockchain technology is in the world of UK accounting. The Clarity Project, headed by Aynsley Damery and Steve Briginshaw, caused quite a stir at Accountex London recently.

Third party verification

The Clarity platform, which is holding a token sale ainmed at raising $30 million, utilises blockchain tech to help small businesses. It stores data, and provides analytics, benchmarking, file sharing, third-party verification and access to funding.

And, while most of us are mulling over blockchain during World Cup ad breaks, the folks from Clarity  have been at  the coalface or, more precisely, the Frankfurt leg of the World Blockchain Summit.

Clarity COO Steve tells me that the summit “has brought the whole blockchain ecosystem together: from those who want to invest, institutional investors, consultants, token sales, media and those wanting to learn more about blockchain and crypto.

New connections and confidence

“We’ve gained valuable insights, new connections and confidence in what we’re doing. It’s been a great experience so far.

“Aynsley our CEO gave a great talk yesterday on how blockchain can be used as a force for good. And this afternoon we’re pitching against other great token sales from around the world. We’ve been interviewed and included in a documentary too.

“What’s really interesting is the social impact aspect of using blockchain is really resonating with people. We’re grateful to be doing our bit to help to contribute towards the 17 UN Sustainable Development Goals via our partnership with the global giving enterprise B1G1.”


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About the Author

Ian Moss

Ian Moss is the Editor of Accounting Insight News. He's been a journalist since leaving university and has worked for the Daily Mirror and Financial Times, among other media groups. Likes running, guitar, golf, dog-walking.

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