After the moderator’s welcome speech, speakers revealed key technology issues as of today: legal aspects of blockchain, its application, and industry prospects.
Hyperledger: corporate blockchains
Miroslav Iwachow, Technical Leader for the Industry Sector at IBM, told the audience what Hyperledger meant and how the technology could solve corporate blockchain tasks. The expert talked about several blockchain solutions: TradeLens for container shipping, Food Trust for food safety, and World Wire for global money transfers. “Nowadays, the food industry focuses on several key factors: product security, supply chain optimization, food waste, and consumer preferences,” the expert explained. He believes that Food Trust can solve the problems: the platform allows to track origin of products, availability of certificates, freshness, and deliver to customers. Reportedly, TradeLens unites all shipping participants and provides safe information exchange in logistics. The speaker stressed the following advantages of World Wire: transaction transparency, compliance with statutory requirements, and security.
Blockchain at enterprises
Daniel Szegö, Chief DLT Architect at Interticket, also drew guests’ attention to Hyperledger as part of his presentation on blockchain platforms for consortiums and enterprises. The specialist said that consortium requirements included speed, efficient operation, and confidentiality, while enterprises are aimed at adhering to the rules of KYC, AML, and GDPR. According to the expert, Hyperledger blockchain offers solutions, and platforms are provided by Enterprise Ethereum, Quorum, R3 Corda, and Azure Blockchain.
Michael Schloh von Bennewitz, Founder of the Monero Hardware team, dedicated his presentation to blockchain-enabled security. He highlighted hardware possibilities for storing information in secret and operational concept of blockchain wallets. The speaker paid special attention to relevant blockchain applications: supply chain tracking, insurance asset management, inventory record, and logistics.
Legal aspects of blockchain
Danica Šebestova, Partner at Squire Patton Boggs, addressed legal issues when implementing a blockchain project. The expert mentioned that lawyers and blockchain architects should interact and cooperate with each other. It is important for specialists from both sectors to solve collaboratively everything related to KYC, AML, GDPR, and smart contracts. Danica named countries positively treating blockchain: Switzerland, Italy, France, and Lichtenstein. Jersey, Gibraltar, and Malta offer friendly environment for cryptocurrency exchanges. Regulatory sandbox countries are the UK, the Netherlands, and France.
Compliance with AML and KYC
Artur Kuczmowski, Senior Partner at Thompson&Stein, examined in detail the AML and KYC rules for ICO and crypto exchange players. The speaker emphasized that anti-money laundering, targeted financial sanctions, and knowing of your customers should be taken into account to protect your blockchain business.“To create and implement an efficient KYC policy, one requires three elements:Customer Identification Program (CIP), Customer Due Diligence (CDD), and Ongoing Monitoring”the specialist added.
Exhibitors and sponsors
The event featured a demo zone where blockchain companies introduced their ideas and new projects to attendees. Cryptocurrency trading services, mining equipment developers, and startups with innovative methods for integrating technologies presented their solutions. One of the exhibitors was Aerum, a project evolving a new-generation blockchain technology. The platform’s mission is to design an infrastructure for financial trading platforms with decentralized economy.
Cryptoshib, a platform providing blockchain industry information, demonstrated two new projects: a service for simple money transfers – Paycore; and a confidential blockchain platform – XUEZ.
SnowGem acquainted visitors with its blockchain solution: a new cryptocurrency based on Zcash. It allows to carry out rapid and private transactions. Besides, its network is totally protected from 51% attacks.
Smile-Expo expresses its gratitude to an exhibitor and silver sponsor of the event – Currency.com.The company offers a unique solution for tokenized assets. It became the world’s first regulated crypto exchange licensed in accordance with the Decree № 8 of the Republic of Belarus “On Development of Digital Economy.”
Moreover, Nigel Crome – MLRO & Head of Compliance at Currency.com – took part in the conference. He described how to unlock the potential of tokenized securities.