Blockchain Has "Much More to Offer," Says Lufax Head

By Brian Njuguna   Nov 24, 2019 1 Min Read

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During CNBC’s East Tech West conference held in Guangzhou, China, Jun Lu, head of Lufax Technology Center, acknowledged that the optimal potential of blockchain was more exciting than what is offered by cryptocurrencies. 

Lufax is a reputable comprehensive online wealth management platform, as well as a turnkey technological solutions provider for local governments and financial institutions. 

Lu ascertained that there is much more blockchain can offer. He specified: “Cryptocurrency is but one application of the blockchain technology, which in comparison has vastly more untapped potential and considerably more value to offer.”

Lufax Incorporates Decentralized Ledgers 

Lufax has comprehended the importance of blockchain in transforming various processes. As a result, it is continuously using blockchain-enabled decentralized ledgers to record transactions on its digital wealth management platform. 

At least 10 million transactions have been handled using the Lufax blockchain ledgers.  Investors have been advantaged as they can trace assets taking part in the operations. 

By leveraging on the decentralized ledgers, Lufax is granted inherent accountability, compliance, and transparency. 

Moreover, with customer permission, Lufax can safeguard their KYC (Know Your Customer) information using blockchain. This propels customer satisfaction rates because they are only required to go through the onboarding process once. 

Lu also stipulated that blockchain and machine learning were revolutionizing everything from asset allocation to customer service. 

 

Image via CNBC

 


About the author

Brian Njuguna
He is an accomplished corporate writer and entrepreneur based in Nairobi, Kenya. He holds a Bachelors of Economics & Statistics, Second Class Upper Division, from Kenyatta University. Brian has a penchant for Blockchain and Cryptocurrency because he believes the present systems will be altered by these innovations as they reign supreme as we gear towards the fourth industrial revolution or 4IR.




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