The HKMA commissioned the Hong Kong Applied Science and Technology Research Institute (ASTRI) to conduct a research project on distributed ledger technology (DLT). The project led to the “Whitepaper on Distributed Ledger Technology”.
The project’s key objectives were to carry out an open-minded, in-depth examination of the technology and to identify possible applications of DLT in financial services by engaging in proof-of-concept (PoC) work.
The whitepaper aimed to provide the FinTech industry of Hong Kong with a comprehensive introduction to the technology. It also helped the sector in understanding how the technology could be deployed as an innovative solution to enhance and secure business operations while fulfilling regulatory compliance.
The whitepaper introduced the technology in detail and described three PoC projects on which the HKMA had worked with ASTRI and five leading banks. It also reflected on a number of issues relating to governance, risk management, compliance, security and privacy, and legal matters that were identified during the PoC projects.