Wanting again on the yr about to shut, it’s most gratifying to witness the proliferation of startups within the metropolis. 

Based on an annual survey by Make investments Hong Kong launched in mid-December, there have been 2,625 startups working in main private and non-private co-work areas and incubators, up 18 % from 2017. Collectively these startups employed about 10,000 folks, a 51 % improve from the earlier yr. 

These concerned in monetary know-how accounted for 16 % of the startups, whereas others coated numerous know-how fields, together with e-commerce, provide chain administration, logistics, skilled and consultancy companies, computer systems and data know-how. 

I used to be not too long ago requested what I believed was essentially the most hyped know-how in 2018, and my reply was blockchain. 

Blockchain grew to become well-known for being the know-how behind cryptocurrencies resembling bitcoin. It gives a digital report of transactions that can not be altered. It’s thought to be having an enormous potential to disrupt monetary companies in addition to different industries. 

Within the finances speech two years in the past, the federal government stated it could encourage the applying of blockchain know-how within the monetary trade as a method to scale back transaction prices and stop suspicious transactions. 

In reality, the federal government and the enterprise group have been learning the way to harness the potentials of the know-how, however to this point efforts have barely gone past strategic discussions on paper. 

The reason being that the know-how has but to provide you with a killer software that might subvert the prevailing system and supply substantial advantages. 

By means of comparability, when the smartphone with web perform was launched in 2009, it actually modified our approach of communication. The smartphone changed the conventional voice-based cell phone and heralded the recognition and success of 3G. 

On the identical time, the operation of blockchain consumes a lot electrical energy. It’s reported bitcoin transaction consumes about 300 KWh of electrical energy by the pc which alone prices greater than HK$200. 

Additionally it is stated that when one makes use of a pc to do “mining” (which refers to producing cryptocurrencies by fixing mathematical puzzles), the additional electrical energy cost is almost HK$1,000 a month. 

Subsequently, when blockchain is used for extra difficult business functions, the electrical energy invoice could be very excessive.  

That’s the reason the findings of Gartner’s 2018 CIO Survey got here as no shock. Based on the ballot of chief data officers, just one % confirmed having adopted blockchain know-how inside their organizations, and solely eight % stated they have been planning or actively experimenting with this rising know-how to be used within the close to future. 

Almost 80 % of the respondents indicated no intention of utilizing the know-how. 

Nevertheless, blockchain may very well be of utmost significance to many industries. Its capacity to report transactions and make sure that they’re untampered with will go a great distance in defending private knowledge. 

Earlier, I reported a trial program on “blockchain-based decentralized knowledge infrastructure for residents to personal their knowledge” in Barcelona, Spain. 

Underneath this system, residents will determine which private data will be open to the general public and so they can customise the circumstances, resembling to whom the knowledge will be disclosed and what are the restrictions. 

The residents can hold monitor of how their private data is used, when and the way it’s used, and by which group. 

Such a system removes public concern over using their private knowledge by the federal government and enterprise organizations. 

Many extra traits are rising. As such, 2019 guarantees to be an thrilling yr within the discipline of know-how and innovation. 

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