Hong Kong’s Economic Growth Tied to Web 3.0 and Blockchain Integration: Report
According to Financial Secretary Paul Chan, who has urged businesses to integrate blockchain into their systems, Web 3.0 will kickstart Hong Kong’s economic growth.
In a report by Coingeek, Non-fungible tokens (NFTs), play-to-earn, GameFi, and the metaverse, according to Chan, will be significant drivers of growth. Hong Kong’s financial secretary further stated that, while Web3 is spearheading the push for the next generation of digital entertainment, it also has a number of applications in a variety of businesses.
“The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability, and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life,” noted Chan.
Chan’s forecasts come after he attended a recent event in Cyberport, Hong Kong’s flagship tech hub, which drew attendees from more than 30 countries. The three-day event highlighted current Web3 technologies in digital entertainment that show great promise in metaverse use cases.
During the event, Chan unveiled the “Web3 Life Experience Hall,” an endeavour to introduce blockchain to Hong Kong’s small and medium-sized enterprises (SMEs). As examples of blockchain applications in agriculture, Chan noted farmers using the technology to handle financial challenges and track the location, growth, and health condition of livestock in real time.
Recent expectations for a surge in Web3 growth in Hong Kong are based on a number of investments and activities by the region’s administration. Early in the year, Chan earmarked $50 million from the national budget to Web3 development in Hong Kong in order to expand the talent pool and attract global corporations.
The debut of the world’s first tokenized green bonds, which combined blockchain with Hong Kong’s historical financial system, was perhaps the clearest sign of the city’s goals. The city-state unveiled a new Web3 task group led by Chan to consult with industry partners on the best strategies to boost ecosystem innovation.
“As an international financial centre and a metropolis that values innovation and technology, we must occasionally grasp the general trend of innovation and technology development, and actively lead and drive innovation exploration and development under the premise of prudence and proper supervision,” Chan wrote.
Keywords: blockchain, hongkong, web3
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