LuxTag CFO Faeez M Noor, Talks About Smart Contracts and the Future of Blockchain

LUXTAG ATTENDS FINTECH SUMMIT 2018 — TOKYO

25–28 September, FinSum Tokyo — Luxtag® CFO Faeez M. Noor spoke at the Fintech Summit 2018, organized by The Financial Services Agency Japan (FSA). Running for its third time and Japan’s largest FinTech Summit, the aim of the event is to encourage and facilitate discussions to the global community about current developments and growth potential in Japan’s FinTech industry. Faeez highlighted various potentials of smart contracts and its capability to disrupt the world and remove the need for lawyers.

What Are Smart Contracts?

A smart contract is a computer protocol executing the terms of a contract allowing the performance of credible transactions without the need for third parties.

However, there are still limitations which need to be addressed on a blockchain platform which is the digital representation of a physical product. To fully maximize smart contract applications, blockchain platforms must incorporate identities and ownership making it easier to identify the issuer and owner. This is what Luxtag is doing — putting identities and the digital representation of physical products on the blockchain. Luxtag is currently battling the market flooded with fake diplomas and degrees, in its war against piracy Luxtag is armed with “one core tech to serve them all” providing anti-counterfeit solutions.

Luxtag is also looking at interoperability between blockchain platforms which is what Catapult by NEM brings to the table with its cross chain atomic swap.

What is Catapult and Cross Chain Atomic Swap?

Catapult — the blockchain optimized for business data, a blockchain engine on both the private and public network enabling decentralized swaps and digital asset creation. Cross chain atomic swap allows similar types of blockchain platforms to be able to transact with each other without a centralized exchange.

The event also held Pitch Run, an opportunity for fintech start-up companies to seek support and exposure from major companies and investors. Notable speakers included Takashi Nino, President, and CEO of NEC Corporation.

 

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