OCB Life to launch BchainLife Blockchain 3.0 technology next year

By Edil Corneille

Singaporean company OCB Life announced it has developed blockchain applications across multiple industries. As part of the company’s strategic plans, it intends to set up a decentralised, peer-to-peer exchange for financial products in the future. OCB Life also plans to create decentralised investment tools in Switzerland or Malta, which are recorded on blockchain representing investments in traditional assets such as stocks, bonds, funds, and real estate investment trusts.

OCB Life will migrate to its proprietary BchainLife Hybrid Blockchain 3.0 and Smart Contract 2.0 platform next year. The blockchain engineers are also working on the development of open-source, decentralised applications (DApp) that use blockchain with smart contracts combined with the pillars of Swarm and Whisper, as well as other decentralised finance (DeFi) applications to re-create traditional financial instruments in decentralised architecture.

For the strategic plan for 2020 – 2024, the organisation has assigned each business unit in the region to lead a specific area of responsibility:

• OCB Life Singapore: Development of BchainLife Hybrid Blockchain 3.0 and Smart Contract 2.0 platform
• OCB Life USA: Development of a decentralised Exchange
• OCB Life Thailand: Development of DApp and DeFi applications for decentralised electronic payment, and setting up of an investment fund
• OCB Life Vietnam: Planning and execution of media and public relations, as well as management of e-commerce transactions.

The key objective of BchainLife Blockchain 3.0 and Smart Contract 2.0 is to provide a platform for organisations, businesses, and individuals to develop their own blockchain applications efficiently and at a low cost. Future applications of the blockchain technology include prevention of identity theft, governance for tax and online voting, supply-chain tracking to control counterfeit goods, manufacturing of pharmaceuticals and agricultural products, etc.

In order to help more people understand the power of blockchain, OCB Life is offering ten awards of scholarship for a two-month online course on ‘Blockchain: Technologies and Applications for Business’ conducted by the Berkeley Haas and Executive Education Faculty of the University of California Berkeley. The online course will run from November 19, 2020, to January 28, 2021.

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