Nasdaq to share blockchain technology with Hong Kong stock exchange

Rage Comment : As a typical traditional financial institution, Nasdaq has made great breakthroughs in the field of blockchain and recently expressed its willingness to share its research results with the Hong Kong Stock Exchange. As a world-class financial center, Hong Kong's economic prosperity depends largely on the financial industry, so blockchain technology has great application potential in Hong Kong. Nasdaq's plan also coincides with the blockchain development strategy of Hong Kong regulators.

Translation: Annie_Xu

Nasdaq Chairman and Chief Operating Officer Adena Friedman said the company will share blockchain technology with the Hong Kong Stock Exchange, a collaboration that has become a focus of work, according to media reports.

The Hong Kong Monetary Authority (HKMA) has announced that it is preparing a Fintech Innovation Hub and a Supervisory Sandbox to support banks in conducting proof-of-concept testing and services to promote the development of technology in the financial industry.

Friedman said the Hong Kong stock exchange could use Nasdaq’s blockchain technology to advance its own development if it wanted to.

"The Hong Kong market can use our or other people's technology, and we don't understand how the technology was formed."

Blockchain applications in Hong Kong are just getting started

While the stock exchange is observing the progress of blockchain and how it can be applied to the financial industry, many people already believe that blockchain can change the face of Internet finance in Hong Kong.

Although Hong Kong has just begun to apply blockchain technology, many people firmly believe that blockchain can win world attention for Hong Kong.

However, Jolyon Ellwood-Russell, partner at Simmons & Simmons, told the media that he did not think Hong Kong was lagging behind in blockchain adoption, noting that building trust in the technology was an important issue.

"Blockchain is very new and we cannot act blindly. We need to understand the technology first. The current transaction processing speed is so slow that stock exchanges are almost stagnant."

Of course, HKMA has taken steps to test blockchain technology and potential applications, hoping to maintain a global advantage in this blockchain competition.