"Business Application" has been one of the main trends of international development in recent years. Tech giants, financial institutions or fintech startups are devoting a lot of resources to secure a foothold in this market.
In the past, Taiwan has focused more on Cryptocurrency as opposed to Enterprise Blockchains. Daniel, CEO of BSOS, believes that the Business Angel Investment from the National Development Council is not only an endorsement from the Council for BSOS but also creates a positive ripple effect for Enterprise Blockchains.
BSOS Blockchain Technology Endorsed by J.P. Morgan
Quorum, led by J.P. Morgan, belongs to one of the main enterprise blockchains globally. Since its early years, BSOS has been working with J.P. Morgan to integrate technology as well as co-develop blockchain technology and applications.
In May 2019, BSOS officially became the exclusive Quorum Ambassador in Taiwan.
Daniel further stated that J.P. Morgan has always been a crucial and strategic partner to BSOS, saying that, ''We will cooperate on blockchain issues concerning 'privacy', 'interoperability' , and micro service structure in 2020.'' Meanwhile, BSOS has acted as the bridge between local developers and international blockchain technology, hosting several blockchain tech meetups last year and committing to increasing efforts in related subjects.
Stocking Up and Collaborating with Financial Giants
BSOS now collaborates with Taipei Fubon Commercial Bank , Cathay Financial Holdings Company, Financial Information Service Company and other large financial institutions to apply blockchains in practical situations and drive a new type of business value.
Blockchain is a single technology. Only by integrating it with current IT technology and putting its security, reliability, and scalability into consideration can the unique value of blockchain be translated into real business.
This is what the current market lacks. Luckily, it's one of BSOS's core value.
The BSOS CEO mentioned that, "We are grateful for large financial institutions like Taipei Fubon Commercial Bank, Cathay Financial Holdings Company, and Financial Information Service Company for their willingness to embrace startup companies with such open minds. BSOS has been able to gain considerable industrial experience through these collaborations."
On the other hand, BFSI (banking, financial services and insurance) still remains the most intuitive application scenario for blockchains, accounting for 40% of blockchain projects worldwide. BSOS is especially positive towards applying blockchain to supply chain finance and will be launching related services and products in 2020.
BSOS's core products and services can solve authentication problems on financial data while cutting costs, helping financial institutions conduct risk checks at all levels.
Taiwanese Startups Have the Potential to Perform on the Global Stage
Blockchain is revolutionary and the world, especially the financial sector, is falling head over heels. But during this time, companies must remain patient as they continue to hone their skills. "People often overestimate the development of blockchain today while underestimating the future value of it."
Unlike Silicon Valley, Taiwan does not offer a robust environment for early-stage investments. Given such circumstances, BSOS was still able to successfully close on their angel funding round, raising over USD1 million.
The National Development Fund is a substantial angel investor not only for BSOS but also for providing financial support to the capital market, clearing the financial path for Taiwan start-ups, and propelling unicorn companies based in Taiwan into the global blockchain wave.